European Central Bank (ECB) President Jean-Claude Trichet gave a presentation here in Tokyo on April 18, 2009 about the current financial and economic crisis.
Trichet blamed the crisis on an underpricing of the unit of risk. He also emphasized that its not a general crisis affecting all companies and financial institutions, but that some badly managed companies and banks are in bad shape, while well managed companies and financial institutions are in good shape and doing fine.
Trichet praised excellent international cooperation in taking measures to improve economic and financial stability and he also mentioned that unconventional steps will be announced at future meetings.
Overall his words were very carefully chosen and defensive, well aware of the impact of his words on the capital markets
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