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Head of the ECB called for withdrawal of excess liquidity from the financial system of Europe

European Central Bank President Jean-Claude Trichet (Jean-Claude Trichet) said that his agency intends to gradually withdraw from the euro area financial system liquidity that was pumped into it during the credit crisis.

“Not all of our measures to ensure the liquidity of the system will be needed in the future to the same extent as in the past – curled Trichet at today’s conference in Frankfurt. – Any non-standard measures, the continued use of which would constitute a threat to the achievement of price stability, should be repealed unconditionally and as soon as possible. ” He made it clear that after the December tranche of the ECB will no longer offer a special 12-month loans to European banks.

According to Trichet, it is important to the emergence of a long-term dependence of the banking sector of public money, vkachennyh in the economy. Therefore, on non-standard monetary measures should begin to give right now, despite the fact that it is too early to declare victory over the crisis.

The head of the ECB, the removal of stimulating economic policy should be appropriately reflected in budgets. Therefore, the ECB’s head called 16 eurozone countries to start reducing budget deficits from 2011