One banker who still seems very comfortable in London, indeed who seems to be planning to spend even more time in the City of London in the years ahead, is Jean-Claude Trichet, European Central Bank president. The very epitome of the charming, urbane central banker, Monsieur le President spoke at the Economist lecture at the Haberdashers’ Hall on Friday.
Here is the full text of Mr Trichet’s speech.
Dealing with threats to financial stability, Mr Trichet warned us that “snow on mountain slopes can be meta-stable, looking pristine and tranquil yet turning into an avalanche after only a minor disturbance”. Colourful language for a central banker best know for his banalities. Combine that chilling illustration with his observation that “there has been a surge in provisions for loan write-offs” and ”the crisis in securitisation and structured products are not yet behind us” and Banquo feels he has been warned…
Banquo is still an active investor so will declare his financial interest where appropriate in any blog post.