Trichet: On Basel concretely: the agreement reached has two great achievements. First, the end results are tough standards. The required common equity has been increased from 2% to 7%; this is an increase by a factor of 3.5. (For some institutions, having 1% capital, it’s 7 times bigger). Second, the agreement is global. It encompasses industrial economies as well as emerging economies.
Overall, I consider that our agreement strikes the right balance between the objective of a very significant strengthening of the resilience of the financial sector while not endangering the progressive consolidation of the recovery, thanks to an appropriate transition period.