Mr. Trichet: At times, I see some observes looking at central banks as if they were participating in a race. Who is the first to do this or that? It is true that the ECB was the first central bank to act decisively at the start of the crisis on 9th of August 2007.
We had our own good reasons, it was not a race! Today it is true that the size of the balance sheet (16% of GDP) is bigger in proportion than the size of the FED balance sheet. It might change after last week decisions. But it is not a race!