Trichet Says Credible Fiscal Consolidation Key For Confidence
BASEL, Switzerland -(Dow Jones)- Governments around the world need to address excessive budget deficits in order to reassure investors, as the global economic recovery continues, European Central Bank president Jean-Claude Trichet said Monday.
Speaking in his capacity as chair of the Global Economy Meeting that brings together central bankers from major industrial and emerging market economies, Trichet said, "it seems to me that, at the global level, there is a confirmation of the progressive normalization of the economy," but cautioned that challenges remain.
"We have to get risk management significantly improved by market participants," Trichet said, adding "we are working very activity in this domain."
-By Nina Koeppen; Dow Jones Newswires; +49 171 569 4340; nina.koeppen@dowjones.com
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