ECB's Trichet calls for culture of transparency

Jean-Claude Trichet, the president of the European Central Bank, urged global financial regulators to create a more transparent and less cyclical economic order in the wake of the subprime crisis.

Trichet told the European Parliament on Wednesday 26 March that a cultural change was needed at the national, European and global level. "I would sum up this cultural change with two words: transparency and anti-cyclicality," Trichet said.

Greater clarity was "not only necessary to permit market par