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ECB President Trichet See's Worst Financial Crisis Since World War II (Update)
Wednesday, 19 November 2008 05:46:24 GMT
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ECB president Trichet said financial crisis is worst since WW II. Trichet told Sky News Television that "it is the first time that the heart of the finance of the industrialized countries are at stake." He added that this is a "very turbulent and difficult episode" and that in "that sense it is new and it is the first time since World War Two".
In addition, he said the stability pact has already enough flexibility and must be applied as it is with fiscal policy maintaining a medium term focus. He added that it will take time to solve the financial crisis but that one must try to smooth out the boom-bust cycle and that the crisis can be solved by a joint effort.
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