The post-crisis reform of the world's financial system must be carried through to its end, because another banking sector bailout using taxpayer money is not possible, European Central Bank President Jean-Claude Trichet said Friday. "Citizens will not permit governments to mobilize 27% of GDP on both sides of the Atlantic for a second time to avoid the collapse of the financial sector," Trichet told his audience at a conference on financial reform here. "Our democracies are not prepared once again to take on commitments to avoid a Great Depression in the case of a new crisis." Trichet noted that the implementation of the new Basel III core tier 1 capital standards means the banks will have to meet stricter requirements. However, "we are only halfway through financial reform," he added. "A lot remains to be done. The key is to implement the reforms and continue analyzing." Trichet noted that the world economic recovery is "confirmed." However, he warned against backsliding on reform in the context of a rosier economic picture. "There are many voices saying we should return to the market the way it was before the reforms. I absolutely do not share this vision," the ECB chief said. "We should assure a sustainable contribution to [economic] growth by the financial sector."