Mr. Klaus Regling:

I do not want to rank them. They all contributed. If one of them had not been there, the crisis would have been a little bit less serious but there would have been a problem in any case. It is good the Chair asked the question again, because that was the main conclusion of our report. There were so many factors coming from the different sources - globally, European, national - and they all happened at the same time. That is why the crisis became so serious.