Mr. Klaus Regling:

This goes beyond our report. We did not get into that. I think the share of the price of the land going up in a bubble is quite normal, a common phenomenon. These numbers the Deputy quotes I cannot confirm and I do not know what is a normal bubble - to the extent one can talk about a normal bubble. The phenomenon I think is quite usual and one will find it in other countries.

What to do - I am not an expert, we did not get into that and it is not my expertise. I think transparency is always good. The tax system can also play a role - property taxes can play a role, but I think the committee has other experts who will come here who know more about that.