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By Ralph Atkins in Frankfurt
Published: June 21 2010 19:44 | Last updated: June 21 2010 19:44
Jean-Claude Trichet, the European Central Bank president, has put himself on a collision course with the US by arguing strongly that tighter fiscal policies are the best way to foster growth in industrialised economies.
Firm control of government spending and tax policy was essential to restore the confidence of households, business and investors, Mr Trichet told the European parliament. "We are in a situation where a lack of confidence is operating against recovery," he said. "A budget policy which from a certain point of view you might describe as restrictive is in fact a policy which we would call confidence building."
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