BUSINESS

ECB head: Dollar swaps action with Fed is sign of common determination against crisis

09/15/2011 10:45 EDT | Updated 01/12/2012 02:10 EST
WROCLAW, Poland - The head of the European Central Bank said recent market turmoil proves it's no time to back off on reforming the global financial system to prevent another crisis.

Jean-Claude Trichet said governments must move quickly to implement the Basel III rule on strengthening bank finances and an agreement on keeping "systemically" important big banks from damaging the global economy if they fail.

He said that as recent market tensions show, "we are not back to business as usual as some thought some months ago."

He said the world's central banks were working together and called Thursday's decision to join in providing dollar credit to struggling banks "is a clear illustration of our very close co-operation at the global level and of the unity of purpose" that is needed.