Jean-Claude Trichet: Celebrating the 50th anniversary of the Paris Club Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the celebration of the 50th anniversary of the Paris Club, Paris, 14 June 2006. *  *  *  It is a great pleasure to be here in Paris on the occasion of the 50th anniversary of the Paris Club.
As my colleague at the Bank of England, Andy Haldane, has highlighted, leverage is a critical factor in making the financial system less robust to uncertainty. 9 Andy shows that leverage played the major role in translating events which would have been somewhat damaging, but survivable, into events which were fatal.