Fed Chairman Bernanke comment on Euro area economy

1. Wide shot of U.S. Federal Reserve Chairman Ben Bernanke (fourth from left), former Federal Reserve Chairman Alan Greenspan, (second from left) and European Central Bank President Jean-Claude Trichet (extreme right) and others at podium 2. Reporters 3. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve chairman "Jean-Claude has proved an excellent captain in the steering of the Euro area economy through choppy financial seas in recent months. He has done so while keeping a weather eye on the shifting winds of inflation in the global economy. His deft navigation has achieved what is perhaps the most important objective of inspiring confidence in the markets and in the general public." 4. Reporters 5. SOUNDBITE: (English) Alan Greenspan, former Federal Reserve chairman "You go into a G7 meeting, you would think it would be France against the United States and Britain against Germany. No. It's the finance ministers against the central bankers. Central bankers take the right view, obviously. And the finance ministers are in perpetual catch-up. The reason, incidentally, is the fact that finance ministers can't seem to hold their jobs very long. And they don't have a chance to learn very much." 6. Cutaway to audience 7. SOUNDBITE: (English) Jean-Claude Trichet, European Central Bank President "I'm proud. I said that I was proud that we could in the ECB and on both sides of the Atlantic on the basis of a collegial decision make an analysis of the situation on the morning of the 9th of August and take a decision in two hours." 8. Trichet accepts plaque at podium 9. Close up Trichet STORYLINE: The chairman of the US Federal Reserve, Ben Bernanke, had praise on Thursday for his Euro-zone counterpart, European Central Bank (ECB) President Jean-Claude Trichet, for his handling of the Euro economies. Trichet has proved an "excellent captain in the steering of the euro-area economy in choppy financial seas in recent months" while keeping a "weather-eye" on the "shifting winds" of inflation, Bernanke said at an event honouring Trichet sponsored by International Economy magazine. "His deft navigation has achieved what is perhaps the most important objective, inspiring confidence in the markets and in the general public," Bernanke said. Former Fed Chairman Alan Greenspan, who also attended the event, recounted his days with Trichet at meetings of Group of Seven finance ministers and central bankers. "You go into a G7 meeting, you would think it would be France against the United States and Britain against Germany. No. It's the finance ministers against the central bankers," he joked, adding: "Central bankers take the right view, obviously, and the finance ministers are in perpetual catch-up. The reason, incidentally, is the fact that finance ministers can't seem to hold their jobs very long. And they don't have a chance to learn very much." Greenspan was at the helm of the Fed for almost two decades. Trichet headed the Bank of France for 10 years before assuming the ECB presidency in 2003. He told the assembled audience of journalists and finance industry luminaries that he was proud "that we could in the ECB and on both sides of the Atlantic on the basis of a collegial decision make an analysis of the situation on the morning of the 9th of August." A policy decision on the global finance situation was reached in just two hours and the ECB injected massive amounts of liquidity into financial markets to help assure orderly money-market operations. Other central banks, including the Fed, also injected liquidity that day to alleviate distressed short-term credit markets. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/c74c2d4f9a1089ca46ddeda3586ccc6b Find out more about AP Archive: http://www.aparchive.com/HowWeWork