Updated at: 1912 PST, Thursday, November 18, 2010
FRANKFURT: The head of the European Central Bank Thursday expressed his "grave concerns" about economic governance in the euro area, as the 16-nation zone battles a crippling debt crisis.
Speaking at a central banking conference here, Jean-Claude Trichet recalled that the ECB had expressed worries in 2005 about the weakening of the Stability and Growth Pact, which seeks to limit the budget deficits of member states.
"I am sending this message, as solemnly today, as in 2005 when I expressed, on behalf of the Governing Council, those grave concerns that I just quoted," Trichet said. |
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