ON THE DEFENSIVE: TRICHET’S PRESS CONFERENCE IN QUOTES

ON THE STABILITY AND GROWTH PACT:
Can I remind us that in 2004 and 2005, some important governments in Europe were asking for weakening the Stability and Growth Pact. Do you remember that? And do you remember which governments were asking for weakening the Stability and Growth Pact? The three big governments of Europe, including of course France, Germany and Italy.

ON UNCERTAINTY:
There is an enormous level of uncertainty, and I think that the main message in this domain would be uncertainties. It is really uncertainty at a global level and we see that clearly. It is also uncertainties certainly in the major economies outside Europe in the world.”

ON DEBT REDUCTION MEASURES:
To ensure credibility, it is now crucial that the announced measures be front-loaded and implemented in full. Governments need to stand ready to implement further consolidation measures.

ON LIQUIDITY:
We stand ready to provide liquidity as we have done in the past, taking into account the needs of the banking sector.

ON GERMAN CRITICISMS:
We have delivered price stability... impeccably, impeccably. I would like very much to hear the congratulations for an institution, which has delivered price stability in Germany over 13 years.