Trichet calls for a new economic paradigm

A paradigm change in the global economy is needed, said Jean-Claude Trichet, the president of the European Central Bank.

Trichet said that the previous paradigm was based on the concept of relatively short-term financial market equilibria. He said that a new paradigm should be based on medium- and long-term sustainability; resilience to economic, financial or natural catastrophes; and holism.

He said that a holistic approach should for instance take into account the long-term sustainability and

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