Trichet: Austerity equals confidence

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Prudent fiscal policy will help foster confidence within the euro zone, European Central Bank President Jean-Claude Trichet told CNBC.

“We encourage all countries to be absolutely determined to go back to a sustainable mode for their fiscal policies,” Trichet said, speaking after the ECB rate decision on Thursday. “Our message is the same for all, and we trust that it is absolutely decisive not only for each country individually, but for prosperity of all.”

“Not because it is an elementary recommendation to care for your sons and daughters and not overburden them, but because it is good for confidence, consumption and investment today,” he said.

Source: CNBC, September 3, 2010.

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