short term funding markets that were appropriate in view of the exceptional circumstances we were facing. as we have often said, central banks will continue to work together and are prepared to take whatever measures are necessary to provide sufficient liquidity in short - term funding markets. question : how long could the present crisis last? what are the most severe scenarios? how to tackle it? trichet : my assessment is that we are experiencing, since august 2007, an ongoing market correction of great dimension, at a global level, with episodes of turbulence, high levels of volatility and considerable strain in financial markets and institutions. it depends on all of us that we surmount the present situation. all institutions, whether private or public, must be up to their responsibilities. question : in your point of view how long could the present global recession last? trichet : well, as far as the euro area is concerned, we will see what the eurosystem macroeconomic projections, which we will publish at the beginning of december, will be. indications from all private and public entities are that following the intensification of the financial turbulence, in particular since mid - september, the impact on the real economy is more and more important. negative figures for growth in 2009 are gradually appearing. again, in the case of the euro area, we will see exactly what the macroeconomic projections are in the forthcoming days. that being said, to my knowledge, all forecasters are projecting positive growth in 2010. question : what has been the impact of the international crisis on egypt and emerging economies? what role could the emerging markets economies play to overcome the global financial crisis? trichet : i think that since the start of the turbulences in august 2007, emerging economies demonstrated a remarkable resilience, which has been quite impressive at a time when we could see the industrial economies heavily affected. having said that, it is clear that even the emerging economies at the present moment, and in particular since mid september, are affected by what has happened in the industrialized economies and what has now become a truly global challenge. we live in a global economy and are all interdependent. none of us can be out of the influence of the others. however, it is absolutely clear that for the global economy to get out of this difficult period we have to very much count on all major emerging economies, as the potential for global growth is there. i would like to add that there is a general consensus that emerging economies – taking into

it is a source of pride for us that these landmark books represent the collective output of the bangko sentral ’ s in - house team of lawyers from the office of the general counsel and legal services under the leadership of deputy governor juan de zuniga, jr. without question, they have no equal in terms of combined expertise and experience in the application and interpretation of banking laws and regulations. but beyond their expertise, it is their passion to serve our people that gave them the adrenalin to work on these legal books alongside their regular assignments. you can see the portraits of our writers and editors around this hall. and they will be happy to autograph your books. we also thank the former chief justice of the supreme court, the honorable reynato puno who graciously and generously accepted our request for him to write the foreword for the book on special banking laws annotated and to be our guest of honor in this book launch. it is our distinct honor and privilege to have with us today the man described by the magistrates at the supreme court as a “ transformational leader ”, “ an intellectual aristocrat ” and “ one of the greatest chief justices of the supreme court of the philippines. ” his book entitled “ equal dignity and respect the substance of equal protection and social justice ” was launched only last month. in other words, he continues his crusade for a level playing field and equality in our country. maraming salamat mr. chief justice. bis central bankers ’ speeches and so today, ladies and gentlemen, we present the complete set of the bangko sentral ’ s three books on banking laws of the philippines which we are certain will help fortify the foundation for the rule of law to flourish in the philippine financial sector. this should benefit our people, our economy and our country. once again, our congratulations to our lawyers who made these books a reality and our appreciation to chief justice puno and all of you who have joined us today for this legal milestone. mabuhay po tayong lahat! mabuhay ang ating mahal na bansang pilipinas! thank you and enjoy the rest of the evening. bis central bankers ’ speeches