Jean-Claude Trichet, president of the European Central Bank, discussed proposed changes to financial regulation, cautioning against making mistakes. He touched on the idea of taxing banks and financial transactions. "I accept fully that a number of governments, for reasons that I understand, have engaged in this direction and that our democracies are calling for, in certain cases, such taxation," Trichet said. "On the other hand, what is extremely important is not to make any mistake in what I call the transition from the present rules to the new rules."
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