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ECB chief Jean-Claude Trichet has said there is enough liquidity in the European financial system (Photo: Council of European Union)

EU officials defend health of European banks

EU officials have strongly defended the health of European banks following unexpected criticism by Christine Lagarde, head of the International Monetary Fund.

European Central Bank chief Jean-Claude Trichet and Olli Rehn, EU monetary affairs commissioner, on Monday said Europe's financial system had both sufficient liquidity and capitalisation.

"There is no liquidity or collateral shortage for the European banking system," Trichet said during a special hearing on the eurozone cr...

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ECB chief Jean-Claude Trichet has said there is enough liquidity in the European financial system (Photo: Council of European Union)

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