ECB`s Trichet says global economy needs rebalancing

There is wide general agreement on the need to rebalance the global economy but difficulties remain with the pace of action, European Central Bank President Jean-Claude Trichet said on Sunday.

"There is a large level of consensus at the global level on the strategies you need to have," he said in a speech at a conference in the Italian town of Rimini.

He said mature economies with big deficits needed to make savings while emerging economies with big surpluses realised they needed to stimulate domestic demand.

"This rebalancing is necessary otherwise we would pave the way for future problems but that being said, the pace of the rebalancing is the real problem," he said.

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