Mr. Marco Buti:

If asked now, I would say "No". If asked at the time, our view - I tried to state this in my initial address - was that we had this so-called great moderation in mind, which was incomplete if not faulty. We followed that type of, let us say, parody and we had the tools which were commensurate to that type of parody. This was the assumption at the time. Now I would say it was a mistake. We did not have the tools. Unfortunately, we were together with many others. The line-up of guests which has preceded me has indicated that they were in a sense clouded by the same type of views.