Bloomberg News

ESRB’s Trichet Says There’s a Global Crisis of Sovereign Risk

October 11, 2011

Oct. 11 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said that the world faces a crisis of sovereign risk.

“We have to take collectively, as a college, decisions in order to cope with a systemic crisis that has a global nature and that we are the epicenter of,” Trichet told lawmakers in Brussels today in his capacity as head of the European Systemic Risk Board. “We are the epicenter but it’s a challenge for all sovereign signatures.’’

“The main issue for us is to restore the credibility of the sovereign,” he said.

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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