Well, the interview is in Japanese, but the translation reads as follows:
–When does Twilight Princess take place?
Aonuma: In the world of Ocarina of Time, a hundred and something years later.
–And the Wind Waker?
Aonuma: The Wind Waker is parallel. In Ocarina of Time, Link flew seven years in time, he beat Ganon and went back to being a kid, remember? Twilight Princess takes place in the world of Ocarina of Time, a hundred and something years after the peace returned to kid Link’s time. In the last scene of Ocarina of Time, kids Link and Zelda have a little talk, and as a consequence of that talk, their relationship with Ganon takes a whole new direction. In the middle of this game [Twilight Princess], there’s a scene showing Ganon’s execution. Link and Zelda left him be and he then did something outrageous, so it was decided that he should be executed. That scene takes place several years after Ocarina of Time. Ganon was sent to another world and now he wants to obtain the power...
It appears Aonuma himself considers this to rectify any problems with child OoT's continuity, though I don't blame you if you wonder about stuff like the Zora's tunic. I don't think it's anything too bad, though.
