Mr. Jean-Claude Trichet:

It is a very, very tough question because nobody should say that we have now the ideal system. What is absolutely clear for me is that the chances for having the drama we went through, not only in Ireland but at the level of Europe as a whole, would have been much more meagre, had we had this centralised supervision at the level of Europe as a whole. So I would say, in terms of probability, to have a full-fledged crisis, it is much lower now, say, because we have as a lesson of the crisis decided to centralise at the level of the ECB. You know why it was at the level of the ECB, because the ECB proved credible in exceptional circumstances and dramatic circumstances. By the way, also other central banks proved credible in the advanced economy and it is now more or less a consensus, including in the UK, including in the US, that it is legitimate to give the central banks a lot of responsibility in this area. So, I would say again, much more chance to avoid drama but let's not be complacent. We might be surprised in the future because, you know, the global market economies are moving, technology is moving, the new challenges are coming and coming and coming, and we have to be vigilant personally ... I would say, all the time.