The unfolding global financial crisis was the first serious test faced by the globalised economy and central banks had a duty to reinforce the resilience of the global financial system, European Central Bank (ECB) governor Jean-Claude Trichet said in Sofia on June 12 2009.

"We are, for the first time, putting to the test the soundness and resilience of the globalised economy, which has become increasingly integrated over the past fifteen years,"Trichet said in prepared remarks delivered at the University of National and World Economy. "We now have to draw, systematically and without complacency, the lessons of the global crisis that we are fighting against."

"We should not allow that, a few years from now, a new crisis would emerge that would be similar to the current one. That would be unforgivable."

Although the G20 group of developed countries and international financial institutions, the ECB included, had agreed on the broad policies that had to be pursued - reducing procyclicality, fighting short-termism and imposing more transparency - the key now was to have governments swiftly implement their stimulus programmes

"Decisions that have already been taken should be implemented swiftly," Trichet said. "This holds true, in particular, for recapitalisation, as currently only about 55 per cent of funds earmarked for recapitalisation have been used in the euro area. In crisis times, rapid implementation is crucial."

On a global level, the International Monetary Fund had to keep a closer eye on the macroeconomic policies of systematically important countries and economies. "The IMF has to play a fundamental role in such monitoring, coupled with responsible and active peer surveillance," he said.

The European Central Bank, for its part, will continue to be an anchor of stability and confidence.

Trichet was in Sofia as part of the 130th anniversary since the establishment of the Bulgarian National Bank and to receive a Doctor Honoris Causa degree from the University of National and World Economy.