Trichet refuses to budge on rates. He said that he will not let unconventional measures interfere with monetary policy. Would be nice if he hinted he knows what exactly to do. If he does, why has he not done it yet? He said that ECB would react to market crash. Oh, so they have not crashed yet?
LaGarde plain out sounded a warning. She said that world economies have entered a difficult phase. She is very worried that central banks and sovereign governments are behind the curve in their response to the alarming developments on debt and growth. I wonder if Trichet was hiding under his chair while she said that.
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