Trichet warns EU Parliament of "systemic risk" in EU and beyond.

When the video of Trichet's dire warning to MEPs is available it will be linked from this posting.

Update 0943 GMT Reuters report on the speech and the quote:

"The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion. It threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond."