So it is not surprising to see the outstanding loans to the non-financial corporate decreasing somewhat. But we must eliminate, as soon as possible, all remaining abnormal supply of credit constraints. Question: Do you worry that the global economy has become bubble dependent for growth, leading to crises?
Mr. Trichet: I have been myself involved personally in numerous financial crises since the beginning of the 1980s: in particular the sovereign debt crisis in Latin America, in Africa, in the Middle East and in the Soviet Union. As Paris Club president at some point in the time in the 80’s I had to deal with around 55 countries that were in bankruptcy.