At 4:30 am EST, Trichet will speak in front of Parliament. Taking clues from his previous remarks at the G7 and the Eco club in NY, he will likely stress structural reform heavily over more monetary stimuli. I think he wants to keep some fire power in case the consumer sector does not pick up later on. In addition he will want to stand his ground as he will probably be harrassed more than Condy Rice. He will want to staunchly give off an air of independence. But again who knows. Given last night's IFO maybe he will be hawkish, then again maybe he will be dovish. Who knows. But it WILL be all about WHAT he says. Be alert and ready to react !!