In fact, during its steady growth in the pre-turmoil phase, the performance of the  1  See, ECB Financial Stability Review issues of 2006 and 2007, for example and the speech given by J.-C. Trichet in Davos in January 2007 (see Financial Times, 29 January 2007 article entitled “Prepare for Asset Repricing, Warns Trichet ”Excerpts: “Current conditions in global financial markets look potentially unstable, suggesting that investors need to prepare themselves for a significant repricing of some assets, Jean-Claude Trichet, president of the European Central Bank, warned at the weekend in Davos.
The recent explosion of structured financial products and derivatives had made it more difficult for regulators and investors to judge the current risks in the financial system, Mr Trichet said.