GERMANY: Jean-Claude Trichet says ECB is doing everything possible to support financial system while German President Horst Koehler banks over profits past.

Record ID: 1538257

  • Title: GERMANY: Jean-Claude Trichet says ECB is doing everything possible to support financial system while German President Horst Koehler banks over profits past.
  • Date: 22nd November 2008
  • Summary: (EU) FRANKFURT, GERMANY (NOVEMBER 21, 2008) (REUTERS) EUROPEAN CENTRAL BANK (ECB) PRESIDENT JEAN-CLAUDE TRICHET ARRIVING FOR BANKING CONGRESS TRICHET SITTING DOWN ON PODIUM HIGH SHOT OF PODIUM AUDIENCE LISTENING (SOUNDBITE) (English) JEAN-CLAUDE TRICHET, EUROPEAN CENTRAL BANK (ECB) PRESIDENT SAYING: "We are facing up with challenges that are really formidable. The central banks in general, the ECB in particular -- within the framework of this intimate cooperation we have with all sister institutions -- we are doing everything to try to support the functioning of the financial system." WIDE OF APPLAUSE AUDIENCE LISTENING
  • Embargoed: 7th December 2008 09:48
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: Finance
  • Reuters ID: LVAE4YXXDLZULQ9TPX59T1UAIDJ4
  • Aspect Ratio: 4:3
  • Story Text: Jean-Claude Trichet says the European Central Bank is doing everything possible to support the financial system, as German President Horst Koehler accuses the banking sector of "getting high" on profits in the past.
    The president of the European Central Bank (ECB), Jean-Claude Trichet, said at a banking congress in Frankfurt on Friday (November 21) that central banks and the ECB were doing "everything to try to support the functioning of the financial system."
    Trichet told the gathering "we are facing up with challenges that are really formidable."
    "The central banks in general, the ECB in particular -- within the framework of this intimate cooperation we have with all sister institutions -- we are doing everything to try to support the functioning of the financial system."
    Earlier in a speech at the same event, German President and former International Monetary Fund (IMF) President Horst Koehler said that "the profit issue obviously got the entire (banking) sector on such a high that it turned a blind eye to the risks or knowingly ignored them."
    In light of the current financial crisis, Koehler demanded "a Bretton Woods Two, an assembly of the best who with expertise, morale and political will systematically address the crisis."
  • Copyright Holder: REUTERS
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