The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Trichet: ‘Banks will not forget that their job is to lend’

The European Central Bank’s president knows that confidence must be restored before markets begin to function normally again. But he believes that the concerted action of central banks and governments means financial institutions should now be preparing to restore normal lending and borrowing relationships.

Trichet’s balancing act

‘Let’s stick to the rules’

More on Jean-Claude Trichet

Trichet, The European Central Bank’s president

"We call upon the top management of the commercial banks to take these decisions into account and recognize that they are operating in an environment in which a lot of the fundamental risks to liquidity and solvency have been addressed"

At what specific moment did you realize that we were in a financial crisis of unprecedented magnitude?
On August 9 2007 we were the first central bank to identify that we were starting to see a hugely turbulent period as a consequence of abnormal behaviour in financial markets. That day we lent €95 billion for 24 hours to the market at a fixed rate.

Before this, we had said publicly already back in 2006 – as did other central banks – that global financial markets were under-assessing the quantity of risk and underpricing the unit of risk, so that there was a need for a correction.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree