Trichet says ECB must not overreact on data

ECB chief Jean-Claude Trichet said on Monday 24 May that the central bank generally had to show 'sang-froid' and moderation in its reaction to economic developments. In a speech delivered in French he said the stability and growth pact does not need to be changed, but its implementation could be improved.

"We need to avoid overreacting, in either direction, to data, news, or the results of calculations which could later turn out to be erroneous," the former French central bank chief said in

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