"We still are in a market correction," Mr Trichet said at the Kansas City Federal Reserve Bank's annual monetary policy conference in Jackson Hole, Wyoming, that draws central bankers, economists and business people from around the world.
"What has been done until now has been pretty well done, it seems to me, under those very difficult circumstances," he said, responding from the conference audience to a paper critical of the reactions of the US Federal Reserve, the ECB and the Bank of England to financial turbulence.
The conference took place as market and economic conditions remain gloomy amid persistent worries about tight credit lines, inflation, sluggish growth and high energy and commodity prices.
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