Highlights from Trichet:

ECB TRICHET: ECONOMIC UNCERTAINTY HAS DECLINED IN PAST 25 YEARS AND RISK AVERSION MAY RESURFACE
- Correction of prior market excesses are welcomed, even though they may be painful
- Strong monetary policy is needed
- Reiterates that price stability is necessary

ECB TRICHET SAYS THAT IT IS UNCLEAR IF INVERTED OIL FUTURES CURVE IS DUE TO RISK PREMUIM OR SPOT PRICE OUTLOOK

ECB'S TRICHET SAYS REPRICING OF RISK HAS BEEN SIGNIFICANTLY LESS ORDERLY THAN HOPED FOR
- Says ECB has absolute resolve to avoid the mistakes of the 1970s
- The current period is exceptionally difficult
- reiterates that must strictly distinguish between monetary policy and liquidity operations
- Notes market turbulence will probably not have a serious macroeconomic effect if monetary policy is good 
- Adds reprising of risk was necessary
- ECB's policy horizon has shortened because of current risks 
- Needs to be alert for new risks