European Central Bank President Jean-Claude Trichet indicated in Basel, Switzerland, that he thinks the global economic downturn has reached the bottom and that some economies are already starting to recover. "We are, as far as growth is concerned, around the inflection point in the cycle," Trichet said. Meanwhile, the Organisation for Economic Co-operation and Development said the economic slowdown in France, the UK, Italy and China is on "pause".

Related Summaries