European Central Bank President Jean-Claude Trichet commented that since the start of the recovery in 3Q2009, the real economy has "surprised up on the upside" (Wall Street Journal, 23-Jan-2011). He continued: "This is encouraging. I see 2011 as a year of continuous hard work, to make the financial sector more resilient and to improve the soundness of fiscal policies. The crisis, which started in 2007 and intensified in September 2008 revealed the fragility of the financial sector first and then the relative vulnerability of public finances in the advanced economies."
24-Jan-2011 2:08 PM