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ECB's Trichet: Time To Start Withdrawing Excess Support

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Thursday, European Central Bank President Jean-Claude Trichet said its conducive to withdraw some stimulus measures now as the economic downturn halted.

"Conditions are now stable enough that we can start to withdraw some of the excess support that is now not needed to the same extent as it was in the past," Trichet said in a speech at the University of Cambridge.

He said there is no doubt that macroeconomic policy-makers' interventions have had a stabilizing effect. "The free-fall of the economy has been halted and turned around. The financial crisis has not precipitated the extreme spiral of falling prices, rising debt burdens and chain bankruptcies that some economists had feared."

As a first step of exiting stimulus, the ECB decides to end its 12-month and six-month loan offer to banks.

Thursday, European Central Bank President Jean-Claude Trichet said its conducive to withdraw some stimulus measures now as the economic downturn halted. (Market News Provided by RTTNews)

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