Trichet calls for stronger economic governance

European Central Bank President Jean-Claude Trichet called for further reinforcement of macroeconomic and fiscal European policies in a television interview Sunday, WSJ informs. “We are calling for a quantum leap in the reinforcement of the governance of the European economy, particularly in the euro area,” Trichet said during in interview broadcast on Dutch public television. “I’m convinced the European Parliament … will go in this direction.” In a newspaper interview Friday, ECB board member Jürgen Stark called for a new agreement on budget rules and said France, Germany and other European member states aren’t strengthening the budget rules within the European Stability Pact enough. Trichet also reiterated comments that the ECB is alert on medium-term inflation risks, following an increase in inflation due to a rise in energy and commodity prices. “We have to be alert to avoid second-round effects, it is what counts. What is important for us, is to avoid that there is any increase of other prices that will create a problem for price stability in the medium term.”

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