European print chief tells financial markets: ‘collect yourselves’

PARIS, October 8, 2008 (AFP) – European Central Bank Chief Jean-Claude Trichet urged financial markets to “collect” themselves Wednesday after Wall Street and European stock exchanges tumbled again despite coordinated central bank cut rates.

“Collect yourselves,” Trichet said on France 3 television. “Excessive pessimism is ill advised.”

“We all together call upon the market participants who are in this state of intense turbulence, we tell them to collect themselves, there are elements of confidence out there,” said the ECB chief.

Leading central banks including the US Federal Reserve and the ECB unleashed coordinated interest rate cuts on Wednesday in a bid to counter the global financial crisis amid dire warnings about the economic pain ahead.

Trichet called it “a significant signal of confidence to the markets,” but markets continued to fall nevertheless, with Wall Street down more than two percent, London and Frankfurt more than five percent, and Paris more than six percent.

With the sharp fall in the price of oil the ECB, which had been more afraid of inflationary pressure in the eurozone, “could lower (interest) rates,” he said.

“We can say to the markets we have regained control over price stability in the