Mr. Willie Walsh:

There were many warning signs, throughout 2008, before the collapse of Lehman Brothers, in September 2008, and the impact that had in 2009. If I narrow it down to just the airline industry, these recessions do not tend to have a big impact on the number of passengers flying. In 2009, for example, passenger numbers increased globally versus 2008. Many airlines were stimulating demand by reducing their prices, therefore, it had an impact on airline profitability.