Trichet to Euro officials: Get ‘ahead of curve’
ECB President Jean-Claude Trichet pressed euro-area governments to take decisive action to halt the debt crisis, after the ECB bought them more time by extending an emergency lifeline to lenders. Trichet said finance ministers meeting in Wroclaw, Poland today need to show the same “unity of purpose” as central banks did yesterday in providing extra dollars to European banks bruised by the crisis that has seeped from Europe’s edges to its core. “We are not back to ‘business as usual’ as some thought some months ago,” Trichet said late yesterday in Wroclaw. “We call all authorities to implement swiftly all decisions and to be constantly ahead of the curve.” European finance ministers are also braced for a dressing- down from U.S. Treasury Secretary Timothy Geithner, attending his first euro-crisis meeting at the invitation of the host Polish government, a country still using its own currency. The stewards of the 9.5 trillion-euro economy must “do more to earn the confidence of the world, that they have the political will to do this,” Geithner said on Sept. 14.
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