German Chancellor Angela Merkel has addressed a special session of parliament, as instability on the world's financial markets continues.
She told parliamentarians that the situation was unparalleled. The Chancellor reassured bank customers that their savings were safe, but repeated her opposition to a joint EU bank rescue fund. Meanwhile, the President of the European Central Bank, Jean-Claude Trichet, has called for transparency to be urgently introduced into financial markets. Speaking at a conference in France, he blamed existing rules for promoting the kind of short-term trading which led to the credit crisis.
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