LONDON (MNI) – European Central Bank President Jean-Claude Trichet
today blamed high unemployment in the euro zone on governments’ lack of
zeal in implementing structural reforms.
Speaking at his monthly press conference in Frankfurt, Trichet was
said the ECB’s job was to ensure price stability, while governments
had to deliver structural reform to boost growth.
Trichet said that the ECB believed it played its role by
“delivering price stability in the medium and long run, by being credible
in this.”
The ECB has “delivered price stability over 11 years” and “we are
doing bettter … than what was done in the 12 years,. or 11 years,
before that.”
“We are credible and we consider that it is a necessary condition
for growth and job creation, not a sufficient condition,” he said.
He urged governments to go further with structural reform.
“We call for extremely bold structural reforms. If we have growth
which is not sufficient it is because we have a lack of structural
reform, and that is obvious when you compare with other countries,”
Trichet said.
Trichet also said the ECB has called on governments to improve
their countries’ competitiveness.
–London newsroom: 0044-207-634-1624: email: ukeditorial@marketnews.com
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