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Europe is not like the US, says ECB president

Latest update : 2008-10-03

ECB President Jean-Claude Trichet says Europe does not need a US-style bailout plan, but he warned that the world had not been in a similar economic situation since 1945.

Watch part 2 of the Talk of Paris with ECB President Jean-Claude Trichet


The financial crisis has brought the world to an extraordinary level of uncertainty and governments must respond with equally unprecedented measures, the European Central Bank president said Thursday
"Nothing in the past resembles what we are currently seeing," Jean-Claude Trichet told France 24 news channel. "We are in the presence of events that we have not been seen since World War II."  
This is "a period of absolutely exceptional uncertainty (that)... calls for responses that match the events" from both the public and private sector, he said.
"We must review absolutely all the elements of the global financial system to ensure this does not happen again," Trichet added.
French President Nicolas Sarkozy on Monday repeated his call for a global summit on "a new international financial system."   
Sarkozy has called a meeting in Paris on Saturday with the leaders of Britain, Germany and Italy amid sharp divisions among the four biggest European economies over how to respond to the global financial crisis.
US senators on Wednesday passed a new 700-billion-dollar bailout of the debt-stricken US financial system but it failed to lift Wall Street's gloom.
Trichet said Thursday that as far as he knew "there was no proposal for a plan equivalent to the one in the United States."

Date created : 2008-10-02