This baseline scenario of the outlook for economic activity entails high uncertainties regarding the consequences of COVID-19 -- including the spread of variants -- and their impact, and thus risks are skewed to the downside for the time being. That said, there is a possibility that the vaccine rollout will accelerate and economic activity will improve by more than expected.
Jean-Claude Trichet: Restoring confidence in the global financial system Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the annual meeting of the Research Institute of Japan, Tokyo, 17 April 2009. *  *  *  Ladies and Gentlemen, I am honoured to be invited to address the Naigai Josei Chousa Kai.