Mr. Trichet: The Governing Council of the ECB has always been very vocal, very strong in defending the Stability and Growth Pact at a time where some governments were opposing the Pact and wanted to dismantle it. We call for a rigorous implementation of the Stability and Growth Pact by all countries.
BIS central bankers’ speeches  3  Let me provide some evidence of key trends in euro area money markets with a series of charts. 10 Stress in the unsecured money market segment continued beyond 2008, with a reduced turnover and preference for lending at shorter maturities, which carry relatively less risk for the lender (Chart 3).