–Compares Support for Europe With Support U.S. Needed in Debt Crisis
BUSAN (MNI) – European Central Bank President Jean-Claude Trichet
declined to comment directly on recent euro weakness when asked by
reporters about the single currency’s approach toward parity with the
U.S. dollar.
But he did say there has been a problem with “translation” in the
understanding of the euro recently.
“The euro is a solid currency, a credible currency, a currency that
has kept its value in terms of price stability,” he said at a press
conference on Saturday following the Group of 20 meetings.
Trichet noted that Eurozone inflation was at 1.95% at the end of
the year and pointed out “the quality of a currency which keeps its
value so exceptionally well, better than any particular economy in
Europe for instance over such a period of time since World War 2, is a
currency which has a major asset in the eyes of domestic and external
investments.”
He also said he welcomed the support of the world for Europe’s
current financial crisis and compared it with the support given the U.S.
during its debt crisis.
“In the time where the U.S. authorities had to cope with acute
problems the world was supporting them. I felt the same support with
what we were doing in Europe,” he said.
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