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: ECB's Trichet: Financial Markets Difficult To Assess (RTTNews) - Taking the pulse of the financial sector in the European Union is "particularly complex," Europe's top central bank said in prepared remarks Wednesday. Speaking in Frankfurt to a conference of insurance supervisors, European Central Bank President Jean-Claude Trichet noted the difficulty in gauging the financial markets is due to considerable heterogeneity among banking institutions. "There is a need to disentangle what might be called 'self-sustainable stabilisation' from that which is purely due to the unprecedented programmes of official support for the financial system," he noted. The remarks come a day after Trichet warned that while some EU countries are in a relatively favorable fiscal position because their past management was wise and prudent, others are already very close to losing their credibility. Turning to the insurance industry, the ECB head urged companies to maintain sufficient capital buffers. "There is no room for complacency in this environment. Insurers will have to be mindful of having sufficient capital buffers in place," Trichet said. He made no comments on the broader Euro area economy, or hints about monetary policy. Earlier this week, Trichet said in an interview to French newspaper Le Monde that the current low interest rates are appropriate for the euro area. Although the economy is coming out of the period of free fall, there remains a lot of uncertainty. "We cannot yet claim victory," Trichet said according to the interview published by the ECB on Tuesday. Trichet also noted the euro was never intended to be a reserve currency and welcomed remarks made yesterday by Federal Reserve Chairman Ben Bernanke, who said that US policy makers were paying attention to the weakening dollar. |
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