Trichet: My assessment is that we are experiencing, since August 2007, an ongoing market correction of great dimension, at a global level, with episodes of turbulence, high levels of volatility and considerable strain in financial markets and institutions. It depends on all of us that we surmount the present situation. All institutions, whether private or public, must be up to their responsibilities.
Question: In your point of view how long could the present global recession last? Trichet: Well, as far as the euro area is concerned, we will see what the Eurosystem macroeconomic projections, which we will publish at the beginning of December, will be.