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ECB Trichet: Confirm Progressive Normalization Of Global Econ

January 11, 2010 | "IMarketNews.com"

BASEL, Switzerland (MNI) - The global economy continues to normalize in the context of an ongoing recovery, European Central Bank President Jean-Claude Trichet said Monday.

Speaking in his capacity as spokesman for the bi-monthly Global Economy Meeting at the Bank for International Settlements, Trichet at the outset and several times during subsequent remarks stressed that "nothing that I say has any meaning in terms of future monetary policy" - and especially in terms of the ECB Governing Council decision on January 14.

"If you could note that very, very precisely I would be grateful," he added.

"At the global level, taking into account of the global economy of our planet, there is a confirmation of the progressive normalization of the economy and confirmation of the fact that at the global level we are in a recovery mode," he said, summing up the sentiment at the BIS meetings.

Emerging economies are playing an important role in the ongoing improvement globally, he noted, after having already demonstrated resilience "in the period which was the most striking in terms of... the fall of output."

"And they are very, very clearly in a more dynamic mode right now," he said.

Declining to enlarge on global growth prospects, Trichet said that as regards inflation, "all of us have to do their job" although "we are not in the same situation on that standpoint." He observed that emerging economies "have to cope with challenges that are not necessarily the same" as in more advanced countries.

"But we are all sharing that very, very profound and simple consensus," he continued, namely that "anchoring solidly price stability in the medium and long run...is essential" for financial stability and the confidence needed for the economic recovery.

It is "extremely important" for the confidence of economic agents to "consolidate confidence by the capacity to be credible in" fiscal matters, Trichet emphasized.

The meeting devoted "a lot of time" to "fiscal imbalances, the necessity to be credible in going back to normal handling and sustainable handling in the medium term of the fiscal position," he said.

The importance for the recovery of the ability to responsibly address fiscal matters was shared by meeting participants, Trichet said.

Questioned on credit conditions, Trichet said that authorities "are all looking very, very carefully to what happens in terms of credit dynamics."

The credit situation at the global level remains "very diverse," he affirmed, with some countries "back to great dynamism" with respect to credit developments.

"Generally, all of us ... are telling our banks that they have to do themselves everything to reinforce their balance sheets by all appropriate means," he continued.

"In a large number of cases it would be by issuing new securities, stocks and shares, it would be by putting aside their own profits, it would be by being moderate in their remuneration behavior and so forth...because our aim is of course to eliminate as much as possible any supply constraint for credit allocation, that is something that we consider very important."

Participants also observed, Trichet reported, that "current account imbalances had a tendency to diminish, whether they were surpluses or deficits, in a large number of countries...And it has been noted that it would be extremely important to see exactly what was behind, what was the structural aspect and the conjunctural aspect in this observation, that the constellation of imbalances at the global level was progressively reduced."

Trichet noted the need "to get risk management very significantly improved," calling this "something which is of the essence" given the dire consequences of previous under-appreciation of risk by markets.

"We have to remain very alert, we have to be sure that everyone is getting the message" in this respect, he said.

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