Mr. Ajai Chopra:

I'm not quite sure what, exactly, you're getting out, Senator, but the Deauville declaration in, I believe, October ... I might not have the dates quite right. Although that, you know, there is a view that the declaration had very serious consequences for the way markets began to see sovereign debt. The empirical evidence on that is a little bit more muddied, so I'm not quite sure how, exactly, the Deauville declaration ... what precise role that it played. But I do think it's fair to say that, you know, following that, the design of the European Stability Mechanism tried to avoid the complications that might have arisen as a part of the Deauville declaration which focused on sovereign debt, not on bank debt.