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9/4/2018, 8:09 AM (Source: TeleTrader)
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Ex ECB head Trichet: New financial crisis possible

Former European Central Bank (ECB) President Jean-Claude Trichet warned of a possible new economic crisis on Monday. The excess debt has made the global financial system as vulnerable as it was in 2018, Trichet said in an AFP interview. "The growth in debt, especially private debt, in advanced countries has slowed, but this slowdown has been offset by an acceleration of emerging country debt," the former president added.

Jean-Claude Trichet is a French economist who served as the Governor of the Bank of France, after which he headed the ECB from 2003 to 2011. He was often criticized during the euro crisis that started in 2008 for his strict approach to monetary policies. Trichet urged governments to exercise fiscal restraint, even though many economists argued that the Eurozone recession justified fiscal stimulus.

Breaking the News / MD