And of course if asset price inflation had been less, the over-investment in certain kinds of real estate would presumably have been less and, with that, the subsequent fall in asset prices would have been less also.
Jean-Claude Trichet: ECB press conference – introductory statement Introductory statement by Mr Jean-Claude Trichet, President of the European Central Bank and Mr Vitor Constâncio, Vice-President of the European Central Bank, Frankfurt am Main, 4 August 2011. *  *  *  Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference.