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Trichet: Euro debt crisis systemic

11 October 2011, 15:23

Frankfurt - The sovereign debt crisis has become systemic and risks to the economy are increasing swiftly, European Systemic Risk Board (ESRB) chairperson Jean-Claude Trichet said on Tuesday.

Trichet, who heads the European Central Bank (ECB) as well as the continent's super watchdog on financial stability, said the eurozone bailout fund should be made as flexible as possible, but without involving the ECB in leveraging it.

"The crisis is systemic and must be tackled decisively," Trichet told the European parliament's Committee on Economic and Monetary Affairs.

"The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion. It threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond."

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