Trichet Sees Reasons for Optimism in Europe

The president of the European Central Bank, Jean-Claude Trichet, offered a somewhat more optimistic assessment of the euro zone economy Thursday and said that bank stress tests in July were “an important step forward in restoring market confidence.”

Mr. Trichet made the comments after the European Central Bank, like the Bank of England earlier in the day, left its benchmark interest rate at a record low, Jack Ewing and Julia Werdigier report in The New York Times.
He said that he was not signaling plans by the European Central Bank to raise rates, and cautioned that growth was occurring in “an environment of uncertainty.”

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