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Guest commentary on BILD AM SONNTAG

Commentary by Jean-Claude Trichet, President of the ECB
27 December 2009

The economy’s continued gradual recovery in 2010 is dependent on the efforts of all of us. Banks must perform their central role in the supply of credit to the economy. Europe and the rest of the world must learn the lessons from the financial crisis in order to increase the resilience of the financial system. Handling the consequences of the crisis for the labour market and public finances represents an additional challenge. Budget deficits in the euro area must be reduced by 2011 at the latest – in some countries as early as 2010 – in order to maintain confidence in public finances. The European Central Bank, which responded decisively during the crisis, will continue to deliver price stability, being fully faithful to its primary mandate. As has been the case for the last 11 years, the ECB, together with the national central banks, will remain a reliable anchor of stability and confidence. In these difficult times, the euro has proven to the 330 million citizens of the 16 countries of the euro area that they can have confidence in their currency. Confidence is the key word for 2010.

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