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ECB Chief Trichet Backs U.S. Bank Reforms

January 27, 2010 | “RTTNews"

European Central Bank President Jean-Claude Trichet on Tuesday voiced his backing to U.S. President Barack Obama's banking reforms but stressed the need for international coordination in tackling the issue.

In an interview with The Wall Street Journal, Trichet said the reform proposals were "relevant and interesting" and that the ECB was examining them with great care.

"They go in the same direction of our own position, namely ensuring that the banking sector focuses on financing the real economy, which is its key role," said Trichet.
Obama unveiled plans last week to limit the size of banks, saying they would "never again" get so big that taxpayers have to bail them out in the event of their failure.

The central bank chief also called on U.S. authorities to confirm Ben Bernanke for another term as Federal Reserve Chairman, saying that he held the American in "very great esteem".

Turning attention to Greece's fiscal problems, Trichet expressed confidence in Athens' ability to manage the crisis to bring its budget deficit below 3% of gross domestic product in 2012.

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