ackermann, josef ackermann, how does the recovery look to you for your industry? are you back to lending? many people say you are mainly back to making fortunes for itself but there's no credit growth in any of the significant economies. how far is their genuine heating of the financial sector as it bears on its capacity to support growth, and the developer were is a problem over the next year or so? before we get to the financial structure is just. >> thank you. well, i agree with christine that it is somewhat pessimistic for your but i also think it is somewhat too optimistic for the other agencies. if you look on macro numbers, i think that's somewhat misleading. because as many of you know and industrial sector come if you look at different segments, where the correction has been 30, 40, 50%, even growth rates of five or 7% means that you will have years to wait before you reach precrisis level. that's what i think the situation still very fragile. and if you look at the financial markets, they have become pretty nervous. there are a lot of threats on the hori

left josef ackermann from deutsche bank, who served as the chair of our financial services governors group. >> we had an interesting governors meeting and we covered the economic outlook, the regulatory framework, the sustainability issues within the financial sector, and then we had the second part on risk management, which was actually very interesting, because we compared risk management lessons from other industries -- aviation or food industry or insurance industry -- and what we could learn in the financial sector or, above all, in the banking industry. let me say a few words about what our discussions were. first of all, we feel a little bit that, especially in the political discussion, seldom so few have done damage to so many, and that the many are taken as the few, in the sense that if you really boil it down to the nitty gritty, only a few banks have actually failed the test in this crisis. the bulk of banks have managed the crisis astonishingly well, and have increased their profitability and market share. in that sense, if we talk about lessons from the crisis, we should

now let me introduce the panelists and starting on the far left is josef ackermann of the management board and a very distinguished representative of the financial services industry. and also a survivor which is quite something after the last two or three years. i admire anyone who is having an institution that still stands. and next to him is lawrence larry summers, former treasury secretary and so forth to now director of the national economic council at the office in the white house and of course president obama's principal economic adviser. next to larry is christine lagarde, was minister of economy industry and employment in france. next to her is dominique strauss, and, fellow citizen of france, managing director of the fund, next to him is zhu min to his move from the bank of china and is not deputy governor of the peoples bank of china. the institution that manages approximately $2.5 trillion. so very important person in the institution. and next to him is deputy chairman and i think i've remarked before in this place in addition to that, my very first boss. we worked togethe