The global economy slows down, but it doesn't stop. The recession remains just a bogeyman. This is the message launched by Jean-Claude Trichet, president of the European Central Bank, at the end of the Global Economy Meeting of the Bank for International Settlements. According to the Eurotower number one, there are no signs of deflation in developed economies and, in any case, the world's major central banks will do everything possible to rescue commercial banks.
“We are ready to supply the banks with the required liquidity – Trichet said – it is a conviction expressed by everyone in the case of the euro area. We have the ability as a central bank to provide liquidity on an unlimited basis and at a fixed rate, which is a very important feature of our unconventional measures."
Given the emergency situation, “we are in a constant state of alert and are ready for any observation we can make on the evolution of the situation. We have the ammunition to provide liquidity." The priority remains "debt reduction, but at the same time stimulating growth and job creation".
As for Greece, “we are urging the government of Athens with the utmost energy and rigor – concluded Trichet – in the very interest of the country and its citizens. We are confident that the Greek government will be able to achieve the objectives set".
