is to which extent it will offset the slowing down in the us, knowing that we are all interdependent. i will not make use myself of the expression “ decoupling ”. i think that decoupling does not capture the fact that we are all interdependent. but decoupling, in a way, captures the fact that asian emerging economies can partially offset the slowdown in the us. you used the word “ unusually high uncertainty ” in your introduction statement. what does “ unusually high uncertainty ” mean? and the inflation rate in the eurozone is now above 3 %. will inflation expectations be more moderate in the medium term? your question is very pertinent, because we only have one needle in our compass and the needle in our compass is price stability. we analyse absolutely all parameters and all influences with this idea that we have one needle and that we have to deliver price stability in the medium term. and again that is very important, and as you see i take all occasions to utilise this message, which is very well known. we have this mandate of price stability that is clear. we trust that by delivering price stability in the medium term and by being credible in the delivery of price stability in the medium term we anchor inflationary expectations. by doing so, we are delivering a necessary condition for sustainable growth and job creation and also in a period of turbulences for markets to be as stable as possible. i mentioned, on behalf of the governing council, the fact that as regards the real economy, we were in an unusually high level of uncertainty and that is very explainable because of the financial market turbulence. this market correction of great amplitude, that we are observing, creates an additional element of uncertainty as regards the future evolution of the real economy. but again, that being said, the needle in our compass is price stability. and it is not only our clear mandate but it is also what the people of europe, our 320 million fellow citizens, are asking from us. why don ’ t you use the instrument of hump? as regards the headline consumer price index i utilised the expression of a protracted period of high level of inflation, which will be progressively reduced, in the course of the year, to go down over the medium term to our definition of price stability. would you like to explain how price stability in the medium term brings job creation and long - term economic growth in the eurozone and not raising taxes? i

jean - claude trichet : interview with kyodo news, nikkei, nippon hoso kyokai and yomiuri shimbun interview with mr jean - claude trichet, president of the european central bank, by mr shogo akagawa ( nikkei ), mr keiichi hirose ( kyodo news ), mr hiro nakamura ( yomiuri shimbun ) and mr shuji noguchi ( nippon hoso kyokai ), conducted in tokyo on 9 february 2008 and published on 10 and 11 february 2008. * * * how do you assess the discussions at this g7 and the g7 statement? i think it was a very, very good discussion – a very important one too because the discussion took place at the moment where we are experiencing the market correction, which is significant, which is ongoing and from that standpoint i think it was a very, very timely g7 meeting. and very stimulating, very interesting. a very good presidency. so from that standpoint, i am very happy. how should the g7 behave in order to overcome the problems caused by the subprime turmoil? and what are your opinions about financial supervision and regulation and about the transparency and efficiency of the new financial products? first of all i think it is extremely important that we learn all the lessons from the present events, exactly as in the past we drew – in my opinion very wisely – a lot of lessons from the asian crisis. in japan, everybody knows, perhaps even better than in europe, what the asian crisis meant and i think a lot of lessons have been drawn and they are good ones. and now it is exactly the same. we are experiencing a market correction of great amplitude. we have the first stress - test in real magnitude of the new global finance with all the financial innovations and new instruments. therefore it is very important that we draw all the lessons. we have a provisional report that was made by the fsf – the financial stability forum – which was created after the asian crisis, by the g7. and so we know that we have to improve in a large number of areas, they are mentioned in the communique and we will have a definitive report in the occasion of the april meetings of the international community in washington. so it is a work in progress. we have a full agreement in the g7 on the methodology that permits us to draw lessons from the present turbulences and we know already that we will have to