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Euro credible but more regulation needed: Trichet

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May 23, 2010

European Central Bank chief Jean-Claude Trichet insisted Saturday that the euro was a credible currency but said tighter regulation was needed of banks, markets and government policies.

“It’s not the euro which is under threat but the fiscal policies of certain countries which must be taken in hand,” he said in an interview published in the Frankfurter Allgemeine Zeitung daily.

European finance ministers on Friday agreed to harden budget rules in a bid to rein in a galloping debt crisis as global stock markets and the euro recovered slightly after a disastrous week.

Financial markets have been racked for days by worries over the possibility that some eurozone economies will no longer be in a position to repay debts and even that the eurozone itself could come apart because of the crisis.

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This article was posted: Sunday, May 23, 2010 at 3:54 am

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