In an interview to appear in Sunday's Bild am Sonntag newspaper, Trichet said that he was, however, confident that euro zone governments would be able to restore financial stability provided the bloc's Stability Pact rules are comprehensively and more aggressively enforced.

Trichet said the agreements reached by European Union leaders this week need to be enacted in a very precise and quick manner. He called it "absolutely decisive" that those decisions are quickly and completely enacted.

He said the ECB will carefully track the progress of governments' reform measures and said the time had now come to "see some action."