Rich world's finances at stake in crisis-ECB's Trichet

LONDON (Reuters) - The global financial crisis marks the first time since World War Two that the heart of the finances of the industrial world has been at stake, European Central Bank President Jean-Claude Trichet said on Tuesday.

He said the situation could be solved by joint efforts of central banks and governments, with a key role for the private sector. But, in an interview with Sky News in London, he declined to be drawn out on how long it would take.

"It is the first time that the heart of the finances of the industrialised countries are at stake, are in a very, very turbulent and difficult episode," he said.

"In that sense, it is new and it is the first time since World War Two," he said, after giving a speech at an event organised by the Daiwa Anglo-Japanese Foundation.

Trichet said the crisis 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."

It was "solvable at the level of the planet because we are all in the same boat."

Emerging from the crisis would take "a certain period of time."

He declined to be more specific about how long it would take, saying: "It will take time, but we have to all be up to our responsibilities in a difficult episode."

Official data released last week showed the 15-nation euro-zone economy had shrunk by 0.2 percent for the second quarter in a row, meaning it is in recession. A week earlier, the ECB cut interest rates by 50 basis points and signalled another reduction was possible next month.