Former ECB president Jean-Claude Trichet told CNN's Richard Quest at Davos that it would be "an immense mistake to take the present situation as the European crisis."
"It would be the same mistake to take Lehman Brothers as the American crisis only," he said. "The epicentre of the crisis is in Europe on the sovereign risk, but it's a global crisis."
He rejected the suggestion that European leaders had done nothing substantive to address the crisis since last year's World Economic Forum, saying political decisions had to occur at their own pace.
"A lot has been done," he said. "The time of the democracy is of course a little bit longer than the time of the market."
Still, he said, there was "no time for complacency."
Trichet, who left his role at the ECB in October after eight years in the position, endorsed the bank's handling of the crisis since his departure.
"I think the bank is really doing what it should, namely to have a sense of direction, to maintain and preserve stability and confidence in the medium term, which is essential in the crisis," he said.
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