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| ECB Trichet: Money Mkt Conditions Not Yet Normalized |
| ECB, 20.02.2009 |
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| PARIS (Dow Jones)--Conditions on money markets haven't normalized yet, European Central Bank President Jean-Claude Trichet said Friday.
Trichet, who was speaking at a conference in Paris, also said the world economy won't be getting out of the current slump any time soon.
"There will be some time before this crisis is over," Trichet said.
Trichet declined to forecast how long the economic slowdown will last, saying its duration must be estimated cautiously.
The ECB president said the European Commission did the right thing when it warned six of the European Union's countries about their public deficits, adding that public finances need to be viable in the medium and long term.
The commission's negative assessments of France, Ireland, Spain, Greece, Latvia and Malta are the first step in the E.U.'s excessive-deficit procedure, which forces states to reduce their budget gaps.
As deficits are growing throughout the bloc because of higher spending on economic stimulus plans, Trichet praised governments' response to the economic slump, saying the steps they took were bold enough.
But he added that macro-economic policies at a global level need to be monitored to avoid the resurgence of more imbalances in the future.
-By Geraldine Amiel and Gabriele Parussini, Dow Jones Newswires; +33 1 40171740; gabriele.parussini@dowjones.com
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