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Publish Date04/09/2012 12:04:53 PM
Former European Central Bank president Jean-Claude Trichet said in an interview with CNN that a bond-buying program to rescue the debt-laden Euro zone countries could be “justified” to counter the dysfunctional markets.
These comment come ahead of the meeting between European officials this week during which they will discuss ECB’s President Mario Draghi’s plan to buy bonds that aims to protect the debt-laden Euro zone nations.
“I don`t want, myself, to add to any anticipation. This is the job of the governing council. A number of things have been said and we will see what is decided”, said Trichet who believes that ECB can`t substitute for government economic policies.
“I would say when you embark on non-standard measures... It seems to me that it is justified... You have to counter markets that are not functioning correctly and are hampering the transmission of the monetary policy”.
Trichet also believes that the euro remained “remarkably stable” and that the Euro zone governments must support each other and work “individually and collectively, surveying the other countries” to ensure they don`t deviate from their austerity programs.
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