Participating in a dialogue at the end of the recent World Economic Forum in Davos,Switzerland,Jean-Claude Trichet,the outspoken president of the European Central Bank,said that at the outset of the financial crisis we had a financial sector that was extraordinarily fragile,but we also had imbalances that were accumulating.He fully agrees with U.S. officials that a strong dollar is in the interest of the U.S.,and also in the interest of Europe.In the very long run,he could imagine other solutions.
The future is not written,Mr.Trichet remarked.It depends on whether the Doha round on world trade is a success or not.We have an immense stake in whether Doha is a success.We need to have the most lucid public opinion that there is a superior interest in that,the European central banker feels.
Wearing a charcoal suit,green shirt and blue tie,the elder statesman of European finance noted that he is not being complacent in any respect.We have to work tirelessly for a system that is more resilient,to be sure;that our people's opinion is lucid and enlightened,Mr.Trichet spoke rapidly and candidly at the Davos forum.
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