Trichet: the worst is over in subprime crisis

He said the last few days had been "a period of market nervousness, a period in which we see increased volatility in many markets and a significant re-appreciation of risks. In some respects, what has been observed can be interpreted as a normalisation of the pricing of risk."

The market was now returning "progressively back to normal," he added, and the bank would continue to monitor the situation.

The ECB intervened last week to support market liquidity, providing €94.8 billion in short-term loan capacity - other reserve banks around the world also intervened.Previously on Risk News:Sovereigns step in as ABS funds reel

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