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European Central Bank President Jean-Claude Trichet said learning from the past and being constantly alert can help central bank officials take quick action to provide economic stability to stop or lessen the impact of a financial crisis. Trichet said that major financial crises share commonalities. A crisis is typically associated with a sense of "Euphoria and complacency" in financial markets, starting with some sort of radical change to the economy - in the form of technological advances or the opening of new markets - causing the financial sector to change to take advantage of these new opportunities.
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