Europe won't be spending more money to stimulate the E.U. economy, says Jean-Claude Trichet, president of the European Central Bank.
What's needed instead, Trichet told The Wall Street Journal in a recent interview, was for governments worldwide to implement the economic stimulus plans they've already formulated.
This should be done, says Trichet, "now, as efficiently and rapidly as possible."
European governments have committed less than half of the $787 billion the U.S. has allocated to its stimulus package. The E.U. economy is the world's second-largest.
"Nothing will really work until the financial sector is back on track and ready to lend on a sustainable basis," Trichet said.
"I would say exactly the same with the budget. Decisions have been taken; they are very important. Let's do it! Quick implementation, quick disbursement is what is needed."
Uncle Sam is not happy about Trichet's reluctance to endorse more stimulus cash.
U.S., government officials will try at an upcoming meeting of the Group of 20 leading economies to encourage global governments to approve stimulus money proportionate to the immense size of the U.S. package.
Trichet and other European leaders will oppose that proposal.
Yet many economists insist more money is necessary to combat the Continental recession, now expected to dive steeper in some countries than in the U.S.
James Nixon, an influential London economist, wants Germany, the EU's biggest economy, to spend more and run a bigger deficit.
"Europe's [stimulus] efforts have been...modest by in comparison [to U.S. efforts]," he said.
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