Exclusive Trichet interview: It is time for banks to start lending again
Q: Do you think that we have seen the worst, if not the last, of the shocks?
A: These are very demanding, many-layered circumstances. We had a very bright period in the global economy, with year after year of record global growth.
In market economies, it is inevitable that such flattering episode will be followed by a darker period. Add to that the shocks of inflationary sudden movements in commodity prices, and an unprecedented layer of financial turbulence then you create this very adverse part of the business cycle.
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