European Central Bank chief Jean-Claude Trichet on Wednesday called upon the private sector to play an `essential role` in helping to end the world economy`s most turbulent period since World War II.

In a short television interview with Britain`s Sky News, Trichet also said that joint efforts were needed to reduce the abundance of financial booms and busts.

`It is the first time that the heart of the finance of the industrialised countries are at stake, are in very very turbulent and difficult episodes. In that sense it is new and it is the first time since World War II,` Trichet said.

He added that the fallout was `solvable by joint efforts of authorities and certainly central banks, governments and also the private sector has an essential role to play of course to get out of that situation.`

Trichet said it would `take a certain deal of time` to come out of the `difficult episode.`

The ECB chief noted that last weekend`s meeting of the G20 industrialised nations had given `a lot of impetus to speed up the process, to be as active as possible in implementing what is necessary... much more transparency for financial instruments, for institutions, for markets.`

Trichet also said there was a need `to reduce the amplitude of the booms and the busts. That is very very hard work to do but we have to do it.`

He concluded: `We have a global financial system which clearly had a lot of defects... We have to draw all the lessons from the observations we are making.`