We are in uncharted waters, and there are still risks of a sudden emergence of unexpected financial turbulence. While there are first signs that the pace of economic weakening is decelerating, we must remain alert…Currently, we are still in the downturn phase — a downturn that globally is proving to be the deepest since the Second World War.

Jean-Claude Trichet at a conference in Madrid today, as the ECB has updated its growth forecast from -2.7% in March to -4.6% in 2009, today.

World Bank updates its forecast for global growth to -2.6% from -1.7%