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Press conference by Jean-Claude Trichet, President of the ECB, following the ECB Governing Council meeting

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On 6 October 2011, Jean-Claude Trichet, President of the European Central Bank (ECB), presided for the last time the press conference, held at the premises of the Bundesbank in Berlin. The European Central Bank offered new emergency loans to banks to help them through the turmoil of the government debt crisis, but decided to keep interest rates on hold despite fears of an economic slowdown. Instead of cutting rates, Jean-Claude Trichet focused on measures to keep the financial system working properly. Jitters in the banking sector have intensified in recent weeks and threaten to claim their first victim since the 2007-2009 financial crises, Franco-Belgian bank Dexia. To avoid a new credit crunch like the one that plunged the world economy into its sharpest recession since World War II, the ECB decided to flood the financial system with all the loans it needs. It will offer an unlimited amount of 12-month and 13-month loans to banks. That will provide banks financing for a longer period - as far ahead as 2013 - and shield them from turbulence in borrowing markets.
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Type: EbS   Reference: 79914   Date: 06/10/2011   Duration: 01:10:01
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