We have avoided, thanks to the measures we took, the materialization of the depression. At this Davos meeting, we have a unique occasion to compare notes because you have here the private sector, both financial and non-financial, as well as the public authorities, the executive branches, members of parliaments, central banks, coming from both, the industrialized and the emerging world.
Comparing notes to better understand why the system the financial system was unacceptably fragile and to see together how to make the global economy much more resilient. Question: When you look at the current situation, where are the greatest risks in Europe and globally? Mr. Trichet: We are now experiencing a modest recovery in Europe.