WSJ: There is also a debate about whether, with the house still burning down, as it were, longer-term questions about the new global financial architecture can wait. What is your view? Mr. Trichet: Confidence is of essence!
If we want to succeed right now in this very grave crisis we have to take bold decisions now and be equally determined in reassuring our fellow citizens in the medium and long run. We have to fight against short-termism. We have to improve transparency. And we have to eliminate pro-cyclicality. Fluctuations are normal in a market economy.