'Crucial' for EU members to meet fiscal targets: Trichet

10th May 2010, Comments 0 comments

European Central Bank chief Jean-Claude Trichet stressed Monday that it was "absolutely crucial" for European governments to meet fiscal targets.

"It is absolutely crucial, absolutely essential in the view of the governing council of the ECB," he said.

Overnight, the European Union agreed on a 750-billion-euro (trillion-dollar) package for eurozone economies in response to the Greek debt crisis and market fears of contagion to other European economies with big public deficits.

The ECB has said it would intervene in "public and private debt securities markets to ensure depth and liquidity," under the concerted action.

© 2010 AFP

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