BASEL, Switzerland, May 10 (Reuters) - Following are comments by European Central Bank President Jean-Claude Trichet at a news conference on Monday. The news conference followed discussions involving central bankers from industrialised and major emerging countries at the Bank for International Settlements in Basel. TRICHET ON SCOPE OF BOND BUYS "I will not tell you anything. The governing council will decide on the scope of the interventions. At this stage we will do what is necessary. "It is an euro system operation that started this morning." TRICHET ON UNANIMITY: "On some of the decisions there was unanimity. "On some there was an overwhelming majority. "On the bond purchases we had an overwhelming majority." TRICHET ON INDEPENDENCE: "We are fiercely and totally independent. This decision is the decision of the governing council and not the result of any kind of pressure of any sort." TRICHET ON MEASURES: "During the two last days of last week we had observed a dysfunction of financial markets that were gravely hampering the transmission of monetary policy. "Whilst not changing in any respect the fact that our present monetary policy stance is appropriate, we decided to intervene to re-establish a more normal functioning of this markets." TRICHET ON LIQUIDITY WITHDRAWL: "One possibility would be to have term deposits. This is something which is simple to operate, immediately available and effective." TRICHET ON MONETARY POLICY STANCE "The monetary policy stance is unchanged. We consider this appropriate." TRICHET ON GROWTH: "I would say that we have the feeling that the global recovery is not only confirmed but has some elements at the global level of acceleration." "In particular in the emerging world the present data are better than expected." "We have a global recovery which is presenting features that would commit to qualify as self sustained." "I remain prudent, I remain cautious." "There is a difference between the emerging part and the industrialised part of the global economy." "That is the reason why the present speed of global growth is often very often presented as multispeed." TRICHET ON EURO ZONE GROWTH: "A number of data were better than expected at a global level. That is also the case in the euro area." TRICHET ON INFLATION "We have a number of economies where we clearly see that the risks for inflation are on the upside that is not surprisingly the case where growth is particularly active and bouyant. "You have other parts of global economy where that risk is not materialising at all. It would be more what we observe in the industrialised world." "This is no time for complacency in any part of the world, we all have to remain alert in this respect and that the solid anchoring of inflation expectations is a concept to which we are all very attached." TRICHET ON RISKS "Risks on the downside are certainly the possibility of having an increase of the price of commodities. That has always an impact that is both inflationary and depressive. "We have the risk of financial turbulences, the risk of disorderly unwinding of global imbalances." "But we have also risks on the upside." "At this stage I would say we have global growth that looks as more and more sustainable. The risk, which is always there of some kind of double-dip, is less and less important." TRICHET ON FISCAL COMMITTMENT: "For us what is absolutely decisive the commitment of governments of the euro area to take all measures needed to meet their fiscal targets this year and in the years ahead. "It is absolutely crucial, absolutely essential. TRICHET ON WHETHER THE MEASURES WILL BE SUFFICIENT: "I never comment on market developments in real time. It seems that observers have understood that what we did was important." (Reporting by Sven Egenter and Krista Hughes; editing by Jason Webb) Keywords: EU GREECE/BIS (firstname.lastname@example.org; +41.58.306.7351; Reuters Messaging: email@example.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
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