Today's ECB Rate Announcment in Full

(Summary of Statement of Mssr Trichet)

Everything macroeconomic is bon bon bon so we will do nothing today. But we are worried about everything and we are afraid that anything and everything can come apart at the seams, at a moments notice. So, as a result we will watch anything and everything carefully - especially those things that our colleagues across the Atlantic go to great lengths to ignore. We suggest that you take two aspirin and call us in the morning.

P.S. - We are especially watching you carry-traders!!
P.S.S. - We are watching asset prices & liquidity too!!
P.S.S.S - We should make fiscal hay while it is still economic day....

Merci very much!

(End of statement)


Bried Q&A followed....


Q: Will you be raising rates?

TRICHET: I am not telling you.

Q: Do all comittee members agree with your Vigilance?

TRICHET: Qwerty sporkwork wiglkcxx ixmagntryee op noim te te qsxtry. Qaaafff?? Kloop re voop dut dut! (Mr Trichet apparently answered in Esperanto, but no translator was immediately available)

Q: Do you agree with American officials that rising asset prices are an indicator a nations sexual prowess?

TRICHET: Mais Non! Non! non! Ce n'est pas possible!

Q: Do you think Carry Trades are a problem?

TRICHET: Does a poulet have lips? If it walks like a duck, if it talks like a duck, it is probably a duck (but not a canard. Claro?

Q: What do you think of the YEN ?

TRICHET: That's for me to know, and you to find out, nah nah-nah nah-nah nah! But...I will tell you this much: certain loans to certain people are certainly growing at what in no uncertain terms is certainly a rate several times higher that it should.