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Trichet Says Risk Signals for Euro Area Are ‘Red’

European debt crisis threatens to infect banks.

By Jeff Black, Gabi Thesing, Bloomberg | Updated on June 23, 2011

European Central Bank President Jean-Claude Trichet said risk signals for financial stability in the euro area are flashing “red” as the debt crisis threatens to infect banks.

“On a personal basis I would say ‘yes, it is red’,” Trichet said late yesterday in Frankfurt after a meeting of the European Systemic Risk Board, referring to the group’s planned “dashboard” to monitor risks. “The message of the board is that” the link between debt problems and banks “is the most serious threat to financial stability in the European Union.”

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