I want to stress that these risks come from international markets, not the domestic ones. Even though Australian share prices have fallen, compared with others they have done so by a smaller amount, from a much lower peak, and the fall has been much more recent. Most importantly, we did not have a “bubble” in our stock market as Diagram 1 attests.
Jean-Claude Trichet: Financial markets integration in Europe: the ECB’s view Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the 9th European Financial Markets Convention Federation of European Securities Exchanges, Brussels, 26 May 2005.