Bloomberg News

Financial System Must Become More Resilient, Trichet Tells CNBC

October 21, 2011

Oct. 21 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said the financial system needs to become “much more resilient,” when calling for “bold” reforms.

“It’s work in progress,” Trichet, who will retire at the end of the month, told CNBC in an interview broadcast today. “The paradox of Europe is that Europe is quite solid in terms of fundamentals if you take Europe as a whole.”

He also said that governments and central banks have taken “very important decisions” to contain the crisis, which is “hitting specifically the advanced economy and the financial system in the advanced economies.” It’s “something which calls for very profound lessons to be drawn,” he told CNBC.

To contact the editor responsible for this story: Simone Meier at

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