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BIS: Trichet Confirms End To Global Economic Freefall

BASEL, Switzerland -(Dow Jones)- The global economic freefall has ended, but central bankers and governments still have their work cut out because risks to financial stability and economic growth loom large, European Central Bank President Jean-Claude Trichet said Monday.

Speaking in his capacity as chair of the Global Economy Meeting at the Bank for International Settlements, Trichet said "there is certainly no time for complacency."

"Through the special measures we avoided a depression and stabilized the situation but, of course, a large number of issues are still there," Trichet said at a press conference.

The remarks come after leaders from the Group of 20 industrialized and developing economies--representing around 85% of the global economy--approved a timetable for agreeing polices that will rebalance the global economy, at a meeting Friday and Saturday.

G20 governments also agreed to keep their stimulus measures in place, despite signs that the global economy is in recovery

-By Nina Koeppen, Dow Jones Newswires; +49 171 569 4340; nina.koeppen@ dowjones.com

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