Reform of global financial system vital: ECB head

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There is an "absolute obligation" to press on with reform of the global financial system, the head of the European Central Bank Jean-Claude Trichet said here on Friday.

So far, half the work had been done, he said.

He said that after a first round of reforms after the financial crisis, "some think we are now back to business as usual."

They thought that further reforms were not needed, he told a forum organised by the newspaper Expansion here.

"I do no share this at all," he said.

"It is an absolute obligation for all of us to do all what is necessary to reinforce the resilience of the financial system."

Trichet said: "We are now half way through the comprehensive financial reforms that the crisis has demanded."

And he added "Much remains to be done."

© 2011 AFP

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