(CEP News) Frankfurt - Europe isn't in need of further increases in spending to counteract the current global financial crisis, European Central Bank President Jean-Claude Trichet said.

Speaking in an interview with the Wall Street Journal published on Monday, the central banker said that instead, governments should act more quickly on measures already announced, making partial reference to the delays in the U.S. government's bank rescue plan.

Nothing will really work until the financial sector is back on track and ready to lend on a sustainable basis, Trichet said. Quick implementation, quick disbursement is what is needed.

Trichet's comments add further weight to those from European governments, who are currently at odds with the U.S. on how to lift the global economy out of its deepest slump in decades.

Written by CEP News European Staff, eunews@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca