TRICHET – I think that first of all we should recognize that, for the first time since World War II, we have seen a solid resilience of the emerging economies, which has been quite  BIS Review 135/2008  1  impressive at a time when we could see the industrial economies heavily affected.
And that is true, since the start of the turbulences, since the beginning of August, last year. During one year we observed that the emerging world was more resilient than the developed world. At the present moment, it is clear that even the emerging economies are affected by what has happened in the industrialized economies, and in particular since mid September.