While these measures have reduced the risks of severe financial turbulence, the EMU could still do with additional improvements. First and foremost, we need a better balance between liability and control. Let me explain what I mean.
Trichet: As the financial market turbulence developed, central banks in Europe and across the globe strengthened the already high levels of cooperation, first, through enhanced information exchange and collective monitoring of market developments and, later on, through coordinated steps to provide liquidity.