ECB's Trichet on international financial system

In the speech 'Reflections on the international financial system' given on 21 June, Jean-Claude Trichet of the ECB said that the widening current account deficit in the United States posed a big threat to global growth.

He called on the US to cut back its deficit, which he said was unlikely to be stable in the long term. He said that the orderly correction of global imbalances was one of the main goals for the international community.

But, in the speech in Berlin, he also called on Europe to take

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