Comments from Trichet:
Crisis has reached a systemic dimension
Sovereign stress has moved to some larger eurozone countries
High interconnectedness has raised contagion risk.
Institutions, authorities must rise to challenge.
Credible fiscal policies must be enacted.
Urgent that all authorities act in unison for financial stability.
ECB measures aim to restore monpol transmission mechanism
Govts have all the capacity to leverage themselves.
Not appropriate for the ECB to leverage the EFSF
Responsibility of govts to leverage the EFSF.
Need to be ahead of the curve on sov debt crisis.
"We" have never been copmplacent.
Calls on banks to be very moderate in their renumeration