ECB chief says G-20 deal can restore confidence

Apr 03, 2009

PRAGUE (AP) — European Central Bank President Jean-Claude Trichet said Friday that world leaders' call for a regulatory overhaul of the financial system was "everything we need to restore confidence."

Leaders from the Group of 20 major world economies said Thursday at their London summit that they would widen financial oversight and discourage excessive risk-taking to prevent a repeat of the crisis in the banking system that has crippled lending, trade and business activity.

"These decisions need to be implemented as swiftly as possible," Trichet told reporters after meeting with finance ministers from the 16 nations that use the euro. "Speed is of the essence and flawless implementation is of the essence now."

France and Germany were also upbeat about the results of the G-20 summit, with French Finance Minister Christine Lagarde saying the leaders' compromise would help "profoundly change some of the dysfunctions of the financial system."

German Finance Minister Peer Steinbrueck greeted it as "a breakthrough" that will plug regulatory loopholes in the financial system and made "massive steps forward" on agreeing sanctions against tax havens and banking secrecy.

Source: The Associated Press

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