Figure 14 World growth (*) (annual change, percentage) 8 6 4 2 0  60  64  68  72  76  World Emerging economies  80  84  88  92  96  00  04  08  Developing economies Emerging exc. China  (*) 1961-1979 data from World Bank. Later data from IMF. Weighted by PPP. Sources: World Development Indicators (2008) and WEO April 2008. BIS Review 124/2008  15  Figure 15 Stock markets (index, jan.08 = 100) 120 110 100 90 80 IPSA Nikkei Bovespa  70 60 Jan.08  Dow Jones Hang Seng (Hong Kong) FTSE 100 (UK)  Mar.08  May.08  Jul.08  Sep.08  Source: Bloomberg. Figure 16 EMBI (basis points) 360  Chile México Mexico Brasil Brazil  1,100  Venezuela Ecuador  305  950  250  800  195  650  140  500  Jan.08  Mar.08  May.08  Jul.08  Sep.08  Source: Bloomberg. 16  BIS Review 124/2008  Figure 17 Exchange rates in emerging economies (local currency per dollar, index jan.08 = 100) 120  Brazil India Israel  Mexico Russia Chile  China Turkey  110  100  90  80 Jan.08  Mar.08  May.08  Jul.08  Sep.08  Source: Bloomberg. Table 1 World growth (*) (annual growth, percentage) Prom. Prom. 1990-99 2000-05 World  2,9  3,8  2006 2007 (e) 5,1  5,0  2008 (f) May. Sep.  2009 (f) May.
Jean-Claude Trichet: Interview in Handelsblatt Interview with Mr Jean-Claude Trichet, President of the European Central Bank, in Handelsblatt, Germany, conducted by Ms Marietta Kurm-Engels and Mr Andreas Hoffbauer on 12 May and published on 14 May 2010. *  *  *  Handelsblatt (HB): Mr Trichet, you intend to withdraw all of the liquidity that you are currently injecting into the markets via the purchase of government bonds. Do we have to face inflation in the euro area? Trichet: No, not at all. Price stability is our primary mandate and over the past 11½ years we fulfilled our mandate successfully. We have not changed our monetary policy stance. The additional liquidity that we are providing through the purchase of government bonds will be withdrawn again. Interest-bearing time deposits are an appropriate way to withdraw this liquidity. HB: What induced you to take this extraordinary step on Monday morning? You had made no mention whatsoever thereof at the press conference just three days earlier. Trichet: On Thursday afternoon and Friday, we were facing a situation that we regarded as fundamentally abnormal. That situation deteriorated abruptly, sharply and extensively. The very moment where the agreement was reached in Europe to provide Greece with financial support and the imminent decision of the International Monetary Fund (IMF) to approve the Greek standby should have contributed on the contrary to ease tensions in the markets … HB: … which was not the case? Trichet: No, the contrary happened.