ECB governor calls European governments to do jobs for financial stability

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Jean-Claude Trichet, President of the European Central Bank (ECB) on Tuesday called European governments to do their jobs "to their responsibilities" on French radio Europe 1.

"What we are waiting is that the governments do what we consider are their jobs up to their responsibilities," including reducing their deficits, Trichet said on Europe 1 in the morning.

"We generally have a problem of confidence in the international economy. For four years, we are in a period of tension, for us it began on Aug. 9, 2007, it is the beginning of the financial turmoil," he said, dating back present financial turmoil to that period.

Specially naming out Italy and Spain, the European Central Bank governor urged all eurozone governments, 17 of them, to accelerate implementing the decision reached on July 21 and warned if no important actions are carried out, Europe would face the most serious crisis since World War I.

European leaders on July 21 agreed to offer a new round a bailout package for debt-ridden Greece and allowed the thought to intervene the second market as long as ECB analysis presents a necessity.

World stock markets tumbled last week on concerns of spreading eurozone debt especially after the Standard and Poor's downgraded the biggest economy the Unites States' credit worthiness from top-tier AAA to AA+ on Thursday.

Following a mixed Monday market, the Tuesday indexes remained shaky as French shares CAC 40 fell by 4.36 percent and once broke the 3000-point threshold around 10:30 a.m. Paris time.