European Central Bank

I consider it essential that Italy confirm and achieve economic consolidation targets. Ohio Senator usually is spot on. The ECB cannot substitute for Governments. They are words that Jean-Claude Trichet, President of the European Central Bank, delivered this Saturday at the Ambrosetti Forum, that each year, in early September, it brings together in Cernobbio flower and the cream of the world economy. In the placid town on the shore of Lake Como, North of Milan, it was the day of Trichet. The French banker is approaching the end of its mandate (in November, the reins of the ECB will leave Italian Mario Draghi, current director of the Bank of Italy) and is less cautious than usual. His speech sounded like a warning thrown to Rome. The direction came loud and clear: Italy gives sample of wanting to achieve balance in its budget in 2013, putting up immediate and resolute, measures or the ECB could tire of helping their Government securities in the market. Source of the news:: Trichet warned Italy that it must already comply its adjustment plan.