ECB's Trichet on European financial markets

In the speech 'The Eurosystem and the integration of European financial markets' given on 28 October, Jean-Claude Trichet of the ECB stressed that progress in European financial integration requires an effective interplay between market forces and action by public authorities.

"The ECB and the Eurosystem prefer a market-first approach in this process, with a significant role given to self-regulation," Trichet said. "Examples like the STEP initiative show that the private sector can contribute

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