Tuesday, April 13, 2010

Trichet and Market Efficiency (fg)

Ha, a nice quotation of the transcript of questions & answers from the latest ECB press conference:
Question: Looking at the markets now, while you are talking, it seems that they were looking for a stronger message of support from you for Greece.

Trichet: I never comment in real time on market reactions.

Question: No, my question would be, do you not care about the markets, do you not care what the markets do?

Trichet: I certainly will not comment on such a question. The market is always right. And it has to be fully respected at all times. But I do not comment on its reaction and particularly not on its reaction – whether up or down – in real time.

Question: I am sorry you said that the market is always right.

Trichet: Yes, I said the market is always right.

Question: Also now for Greece ?

Trichet: It will also be right tomorrow and the day after tomorrow, when the spreads have diminished considerably. It is the truth at that moment in time.