Aug. 14, 2007
Euro-zone money-market conditions have "progressively gone back to normal," said European Central Bank President Jean-Claude Trichet in a statement that came after several days of cash injections by central banks world-wide amid volatile swings in the markets. The ECB and Federal Reserve moved in the wake of a liquidity crunch set off by rising defaults on home loans.
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For the text of Jean-Claude Trichet's statement, see: http:// blogs.wsj.com/economics/2007/08/14/jean-claude-trichets-statement/