The global financial system has yet to fully emerge from a multi-year crisis, Jean-Claude Trichet, former head of the European Central Bank, said on Saturday.

"To me, we are all still in a crisis," Trichet told a policy conference sponsored by the U.S. Federal Reserve. "It is not the privilege of Europe to still have a crisis."

The former ECB chief's comments come amid fresh fears of a broad recession across Europe. Germany and France reported unexpectedly sharp declines in manufacturing activity for March, while Britain added to the gloom with a steeper-than-forecast fall in retail sales.

In the United States, data has been more sanguine. Still, policymakers worry the economy is not growing quickly enough to put a substantial dent in the 8.3 percent jobless rate.