mr. trichet, my question to you is, how do we assess what normal is post-crisis?ould be in a normal situation where it would be normal that the major central banks would not be in an extraordinary mode. so i have to say i take very positively the latest figures in the u.s. and the fact that it confirms that tapering will, of course, be achieved and then when the time comes, interest rates will increase. it seems to me that it would be only the reflection of the much better functioning of the private sector. that being said, there are thoughts that the market is looking only at the central bank and not to the real economy. but this will be corrected when the time comes. >> see, and many would agree with you. i believe what you're saying is if you look at the level of the equities, for example, it might not be saying the same thing that you're hearing the economies say. but in either case, we're certainly much better off than we were. and i guess my question is, you're one of the few who in '03 through '06 warned of debt. have we taken care of debt? in the u.s. our

mr. trichet. but they were -- they're really playing catch-up right now, i think, and need to be. >> okay. we really -- >> also, i might add, i might add that the european governments were fighting recession with austerity. and we were not primarily because we had good luck in krong but we had a fairly expansive fiscal policy in the early stages of our he will coverry. >> maybe a thing or two they can learn from the stuff we're doing here. mr. mctier, thank you so much for coming on the program. it's been a pleasure talking with you. >> my pleasure. >> former president of the dallas federal reserve bank. >>> the reaction on wall street to janet yellen's speech was somewhat muted. as few clues were given about the course of interest rates, really. also keeping a lid on gains, a flare-up in the conflict between russia and ukraine. by the close the dow fell 38 points. the nasdaq up 6. s&p off about 4. for the week, though, all three indexes were higher by more than 1.5%. that's a good week, with the

mr. trichet says it was absolutely necessary. what's the reaction in france specifically in the french press? >> well, the left wing of the socialist party yesterday was a bit -- it was a chain reaction to the appointment of him. it was the most significant decision in this new government. s not a politician, but he is extremely well connected to the business community. the contact point for hollande to the business community. as such, it's a very -- signal sent by the government. the time is about to implement a significant impact through that package. 40 billion euros for a company in order to boost their competitiveness. so in terms of policy, a economic adviser to francois hollande is one of the men behind this new agenda with really -- compared to the former economic minutester. nobody was expecting him to take control of this ministry. we're expecting yesterday that the finance minister would take the control of the whole economy and finance the ministry. by the way, he will remain finance minister. he will be the contact p