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Trichet sees systemic threat, wants Europe banks funded

Oct 11th, 2011 08:57 by News

11-Oct (Reuters) — The euro zone sovereign debt crisis has become systemic and risks to the economy are increasing rapidly with Europe’s banks in the danger zone, European Systemic Risk Board (ESRB) Chairman Jean-Claude Trichet said on Tuesday.

Trichet, who heads the European Central Bank as well as the continent’s super-watchdog on financial stability, said the euro zone’s EFSF bailout fund should be made as flexible as possible, but without involving the ECB in leveraging it.

PG View: The acknowledgement that the problems in Europe are systemic is bad news to be sure, but the policy response to address those issues may fling Europe out of the frying pan and into the fire. More debt, more currency seems to always be the answer…and that’s supportive of gold.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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