Bloomberg News

Trichet Says ECB Cannot Be Substitute for Government Action

October 04, 2011

Oct. 4 (Bloomberg) -- European Central Bank President Jean- Claude Trichet said the bank is not in a position to assume governments’ responsibilities.

“We cannot substitute governments,” Trichet said in a parliamentary hearing in Brussels today. “We can take a number of decisions but under no circumstances can we replace governments.”

The ECB tried to act “as prudent and cautious as possible within the limit of our mandate,” Trichet said. “To be in denial that we are in the worst crisis since World War II that would be the most terrible mistake you could make.”

To contact the reporter on this story: Jana Randow in Frankfurt at

To contact the editor responsible for this story: Christian Vits at

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