Mr. Klaus Regling:

I already mentioned that fiscal policy could have been counter-cyclical. Instead it was pro-cyclical. Supervisory actions could have been taken but were not taken. Again, it is a little like the questions from the Deputy's colleagues. One has to see it to some extent against the culture of the time. People thought, and not only in this country, that we lived in the great moderation where everything was perfect, that high growth would continue forever, that there would be no inflation and no problems, and that markets would regulate themselves. We learned it was an illusion but one has to keep this environment in mind if one tries to understand why the actors did not use instruments that seemed so logical with hindsight and should have been taken.