Bigger Role For Private Sector To End Global Financial Crisis Pushed By ECB

November 19, 2008 12:57 p.m. EST

Frankfurt, Germany (AHN) - European Central Bank chief Jean-Claude Trichet wants the private sector to play a greater role in helping to end the global financial crisis.

Trichet told Sky News TV, "The world financial powers are all in the same boat... joint efforts of authorities and certainly central banks, governments and also the private sector has an essential role to play of course to get out of that situation."

He pointed out the G20 summit provided a lot of impetus to speed up the process and to be active in implementing necessary measures to end the crisis.

The ECB, aside from providing cash to different euro zone banks, has also reduced key lending rates by 50 basis points to 3.25 percent.

Trichet had earlier expressed support for the Oct. 8 coordinated move by the U.S. Federal Reserve, ECB, Swedish Rikbank and the Bank of England to cut interest rates by half a percentage point.

"The world can count on a continuation of this fruitful cooperation among central banks and it can also count on the fact that this cooperation occurs fully in line with out respective mandates and in exceptional times like these, can even strengthen their achievement," Trichet said at an ECB-sponsored conference that observed the 10th anniversary of the euro.