The president of the European Central Bank, Jean-Claude Trichet, said on Thursday that the ongoing financial crisis is an even that hasn't occurred since the second World War. This is "a period of absolutely exceptional uncertainty that calls for responses that match the events" from both the public and private sector, Trichet said.
The ECB President added that "We must review absolutely all the elements of the global financial system to ensure this does not happen again". The crisis, according to the official, was triggered by generalized under-assessment of the quality of risks, and underpricing.
ECB decided to maintain the monetary policy interest rate at 4.25%, arguing that the risk of inflation has not yet passed.