Mr. Alan Gray:

I've advised on countries as diverse as Cuba and Germany and all sorts of countries and I was aware of international experience in a number of these areas, and it was based on that analysis. I had indicated to the Department of Finance and to the Governor that I knew they had their own teams of advisers but I believed in sharing my inputs, for what they were worth, outlining the need to look at a wider range of options. I put the ECB option as the very first one because I felt that that would be the normal response. If this was in the US, the Federal Reserve would have been taking actions-----