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June 19 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said a widening of global imbalances poses challenges for international policy makers.
“A concern is that after some partial reduction induced by the crisis, global imbalances are starting to widen again,” Trichet said today in Kiel, Germany, where he was awarded with the Global Economy Prize of the Kiel Institute for the World Economy. “This raises challenges for international monetary and financial cooperation” and “the global economy has a lot of homework to do if it is to address these challenges.”
The 17-nation euro region doesn’t contribute to global imbalances and growth divergences between member countries are “comparable” to those in the U.S., Trichet said. The euro continues to be a stable currency and the euro area “is not a closed shop,” he said.
--Editor: Jennifer M. Freedman
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