News, Economy & Finance

Two weeks before the end of his term as head of the European Central Bank, Jean-Claude Trichet sent Sunday a nod to the "outraged" that showed the day before in the world, saying in part to join their message.

Europe 1, who is one of the bugbears of "outrage" around the world criticizing the financial and the policies of austerity, gave partially correct.

"There are obviously a number of lessons from the crisis that the lessons are harsh: it is not possible to leave a financial system and consequently a global economic system that is as fragile," Has he said.

He therefore advocates a strengthening of rules and constraints on finance."I read part of the message that comes from this movement (of outraged – Ed) going as just that," he added.

He said, however, opposed to "demolish" the banks because, he says, they finance three-quarters of the economy, but he said to agree to strengthen prudential regulation and has sent to banks reluctant.

"Even if, from your point of view, you see that it is binding, we tell you that it will protect the whole economy," he said.

Similarly, Jean-Claude Trichet said he was opposed to the idea of ​​"de-globalization" but said see a message in favor of strengthening global economic governance which, he said, must be considered.

This idea, defended by the candidate for the French Socialist primary for the nomination for president in 2012, Arnaud Montebourg, is currently at the center of political debate in France.

TREATY AMENDMENT PROPOSED

Jean-Claude Trichet, is not admissible if it comes to curbing global economic exchange as this would imply in particular to prevent the development of poor countries where the old standard of living remains low, says he.

"We must say to those in emerging countries that is not very happy with their own development and so we hear that their development is hampered," he said ironically as well.

He recalled that the development of Third World countries and thus the competition they are the industrialized countries is the objective of the international community since 1945.

However, the ECB president said, however, see in the political slogan of "de-globalization" message."I interpret it as' we must strengthen the management, governance of globalization and strengthen in all areas", he said.

In this sense, he suggested that countries of the European Union reform treaty in the future to prevent any of its member states to create problems for the other, as is the case now, especially for Greece.

He was speaking at a time when European countries are trying to stem the crisis caused by the Greek debt and its consequences on the mainland banks that have lent money.

Deletion of up to half of the Greek debt which is about 350 billion euros is now considered, with a corollary the need to bail out European banks creditors.

"We must think about the future. Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for all others," he said.

According to him, "why should even be able to impose decisions." The European Council is expected to him to decide on sanctions to the majority, based on a proposal from the European Commission.

"The lesson of the crisis is that, indeed, go further than the recommendations, possibly with sanctions," he said.

Jean-Claude Trichet would not disclose what were his plans at the end of his term as President of the ECB, saying only that he considered himself "the French and European citizens."