BASEL, Switzerland (MNI) – The decisions taken regarding the
banking sector, including lifting the minimum capital requirements, will
make the global banking system “much more resilient,” European Central
Bank President Jean-Claude Trichet said on Monday.
“What had been decided is necessary for all banks at a global
level,” Trichet told reporters after the bi-monthly Global Economy
Meeting here. “We are in a global economy, which is a pertinent entity
and we have to get a level playing field at a global level.”
Trichet added that the rules, as well as the transition period,
“will not hamper” the economic recovery and have reduced uncertainty.
“There was considerable uncertainty and uncertainty is the enemy in
a period where growth must supported,” the central banker said. “Thus we
have reduced uncertainty and this is a good thing.”
“I have to thank all of my colleagues because I trust that it is
good for the global economy, good for growth, good for precisely helping
the present recovery,” Trichet said.
–Frankfurt bureau tel.: +49-69 720142. Email: frankfurt @marketnews.com
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