PANIC: CENTRAL BANK CHIEF Trichet
"Wir erlebten und erleben wirklich dramatische Zeiten."
Nie wieder eine solche Krise: Der europäische Zentralbankpräsident Trichet calls the euro-zone countries to order.
In "Perhaps the most difficult situation since the First World War," they would finally consolidate their fiscal policies, he told the mirror - and gets support from Chancellor Merkel.
Frankfurt - European Central Bank President Jean-Claude Trichet compares the situation of the euro countries by the end of last week with the period shortly after the outbreak of the financial crisis: "The markets do not work anymore, it was almost like after the Lehman bankruptcy in September 2008
. " They said they were "definitely" still "in the most difficult situation since the Second World War, perhaps since the first" said the head of the European Central Bank President SPIEGEL .
"We had to do some truly serious times." In the market there, according to Trichet, "always a risk of infection. And it can go very quickly, sometimes within hours." The ECB President now calls "a quantum leap in mutual surveillance of economic policies in Europe". It needed "effective sanctions for breaches of the Stability and Growth Pact." The EU leaders had agreed on before last Friday extensive savings programs: "They have undertaken to accelerate the consolidation of households do you know what is at stake.."
Trichet defended the independence seiner Institution vehement. Zu der umstrittenen Entscheidung der EZB, erstmals Anleihen bedrängter EU-Staaten aufzukaufen, sagte er, nicht die EZB sei schwach gewesen, sondern die Regierungen mit ihren hohen Schulden: "Mitnichten haben wir den Staats- und Regierungschefs nachgegeben. Bei unserer Entscheidungsfindung fließt allein unsere eigene Beurteilung der Situation ein. Wir hören nicht auf die 'Empfehlungen' der Regierungen, Märkte und Tarifparteien", sagte der EZB-Präsident. Dass die Maßnahmen inflationär wirken können, leugnete er: "Wir schöpfen die zusätzliche Liquidität wieder vollständig ab, jeden einzelnen Euro." Trichet trat auch dem Eindruck entgegen, dass sich die Geldpolitik geändert was: "We have never hesitated a second to take the necessary decisions to ensure price stability."
Merkel had "put public finances in order," Angela Merkel called
early as Thursday as Trichet, the Euro-crisis one of the greatest challenges in recent decades. We stand at the biggest test since the collapse of communism - if the
€ dashed as "Europe will fail, then fail the idea of \u200b\u200bEuropean unification". The chancellor now agrees in an interview with the Süddeutsche Zeitung on Saturday and Trichet's problem analysis. "The real problem is in particular the large budget deficits in the euro area countries, "said the head of the CDU. The rescue of the Euro only a temporary solution. there
Germany points out that the" problem to be tackled at the root must, that is, that bring the countries of the state's finances in order and must make an effort to increase competitiveness, "said Merkel. She called as Trichet to stronger coordination of budgetary and economic policy in Europe. It" may not determine the weakest of the determination, but also strengthen the so is it possible, "she said. worries of inflation was also contrary to Merkel: "I have full confidence in the European Central Bank. It has also already in the Banking crisis acted responsibly and quickly, and kept stable € "
link mirror-online 15.05.2010
.
http://www.spiegel.de/politik/ausland/0, 1518,694891,00 html
.