Tags: Trichet | ECB | Printing | Presses

Trichet Says ECB Isn't Turning On Printing Presses

Wednesday, 12 May 2010 08:24 AM

The European Central Bank's President Jean-Claude Trichet said Wednesday that the bank will not start printing money to shore up the euro, adding he was confident in the currency's future.

Trichet said on Europe-1 radio that despite the ECB's decision Monday to purchase government bonds, "We haven't changed our monetary policy."

"We will not turn on the printing press," he said, according to Europe-1's website. "Our goal is stability of prices on the medium and long term."

"I am more than confident in the future of the euro," he said, after the European Union and International Monetary Fund agreed to a nearly $1 trillion rescue loan program to stem the continent's debt crisis.

He urged "budgetary wisdom" by governments that use the common currency.

"We must remain vigilant" to ensure that Greece, at the root of the crisis, fulfills austerity pledges meant to bring down its massive debt, he said.

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The European Central Bank's President Jean-Claude Trichet said Wednesday that the bank will not start printing money to shore up the euro, adding he was confident in the currency's future. Trichet said on Europe-1 radio that despite the ECB's decision Monday to purchase...
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2010-24-12
Wednesday, 12 May 2010 08:24 AM
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