Mr. John Hurley:

I think we have to accept ... the ... a large share of the responsibility. The reality is there were functions that we weren't responsible for. We weren't responsible for interest rates overall, we weren't responsible for fiscal policy, which was a crucial aspect of the instability and we weren't responsible for prudential and ... supervision of banks. We did have an analytical responsibility, a responsibility in relation to financial stability and guidance in relation to financial stability, and we could have done that better.