WROCLAW, Poland (MNI) – Growing tensions in financial markets are a
reminder that European nations must put their financial houses in order,
European Central Bank President Jean-Claude Trichet said Friday evening.
At a press conference following the informal meeting of European
Union finance ministers here, Trichet again called for governments to
implement rapidly and completely their commitments to reduce deficits
and make structural reforms in their economies.
“Market tensions require nations to put their financial houses in
order,” Trichet said.
Jacek Rostowski, the Polish Finance Minster, also announced at the
press conference that ministers had reached a draft compromise agreement
on the so-called “six-pack” of economic governance reforms.
The proposed package of six legislative proposals is aimed at
tightening the EU’s economic governance in order to prevent a repeat of
the current sovereign debt crisis.
The European Parliament is expected to vote on the package by the
end of September.
–Paris newsroom +331-42-71-55-40; email: jduffy@marketnews.com
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