Newsweek 2008 07 21 
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(Title) President of the European Central Bank (BCE) Jean-Claude Trichet today ruled out any risk of further decline at the end of a week in which the script was again troubled financial markets.
“I think not,” answered a question from journalists on the sidelines of the Meeting of Finance On-en-Provence, southern France, the risk of a new recession.
According to Trichet, “in worldwide, it is clear that we are in the process of recovery, which, for example in the emerging world, but also in the industrial world “.
” However, growth is not obvious in the industrial world, it depends on us. That depends the ability of industrialized countries to strengthen the confidence of households, businesses, investors and depositors, “he added.
Jean-Claude Trichet stressed that the restoration of trust depends on a” good financial management, a management strict “which may, in his view, to call it” prudence “or financial” vigorously “.
Trichet confirmed that the timing of the different European austerity programs are not likely to damage the recovery, as many economists fear and and American leaders.
The chairman of BCE asked once more “strengthening the Stability and Growth in the EU, with a” semi-automatic sanctions “on countries that do not respect the rules of budgetary discipline.
In to Trichet, the aid must first be made to the potential of existing European treaties, the potential deal before then, “change the Treaty”.
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