Trichet says global economy still in crisis

March 24, 2012 6:28 PM GMT

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.

Follow us  
Google Plus

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.

(Reporting by Pedro Nicolaci da Costa; Editing by Diane Craft)

Copyright 2012 Thomson Reuters UK. All rights reserved.

We recommend

  1. BoE governor King warns of risks in UK mortgage scheme
  2. Church must help the poorest, not dissect theology, pope says
  3. Qatar Holding, Italy fund eying Versace - paper
Must Read
  1. Government launches investigation into 2 Serco, G4S contracts
  2. China April housing inflation quickens
  3. Greece's Piraeus hire banks to advise on share issue: sources
Join the Conversation
mute

Featured Videos

top 10 Articles
  1. Taxes on some wealthy French top 100 pct of income - paper
  2. Government launches investigation into 2 Serco, G4S contracts
  3. China April housing inflation quickens
  4. Greece's Piraeus hire banks to advise on share issue: sources
  5. Political storm over IRS targeting scandal shifts to U.S. Congress
  6. BoE must tread carefully with flexible inflation approach - Weale
  7. Qatar Holding, Italy fund eying Versace - paper
  8. Italy PM Letta seeks to smooth property tax standoff
  9. IRS chief declines to identify employees involved in scandal
  10. Shares in Lloyds hit government break-even price

latest Articles
  1. HTC OneHTC One Goes on Sale in India for ₹42,900
  2. Aashiqui 2‘Aashiqui 2’ Box Office Collection: Aditya Starrer Still Going Strong, Becomes Third Highest Grosser Film of 2013
  3. IPLIPL Spot-Fixing: Ajinkya Rahane and Brad Hodge under Police Scanner
IBTimes TV
More

U.S. Urges N. Korean Amnesty For Jailed U.S. Citizen