ECB Holds Meeting, Discusses Nothing

Inquiring minds just might be interested in the latest ECB meeting and some select quotes from ECB president Jean-Claude Trichet as described by CNBC in Euro Zone Economic Outlook Uncertain: Trichet

"Default is, for me, out of question. It's as simple as that," he said. "We did not discuss the matter and I have nothing else to say than that."

Greece and Portugal are "not in the same boat," he said when asked about Lisbon's problems.

He did not want to comment on the euro's slide against the dollar, but said the single European currency benefited from the central bank's staunch fight against inflation. "The euro is a good store of value…over 12 years we maintained price stability in an exemplary manner," Trichet said.

Bond Buying Wasn't Discussed. He also said the bank did not discuss the option of buying euro zone government bonds during its meeting.

As central bank meetings go, that was probably a rather productive meting, at least on a relative scale, assuming of course you believe nothing was discussed.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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