Mr. Klaus Regling:

To a large extent ignoring it, yes. However, the experience in other countries at the time was also that the economy had been going very well for such a long time that those who had been critical were clearly in a minority. Again, let me look at the global economy. There were people who criticised the Federal Reserve policies for a number of years, since early in the decade. They included, for instance, people at the BIS, Raghuram Rajan, who was the chief economist of the IMF at the time and who is now the Governor of the Central Bank of India, and John Taylor, a well-known US academic in Stanford. There were people who criticised globally the monetary policy, excess liquidity and low interest rates - too low for too long, as Raghuram Rajan said - but they were clearly in a minority. The majority of the academics of the central banks of the banks globally had a different view. They all made good money when they were investing money and the majority of academics just did not share the view. Therefore, this is a combination of things that clearly went wrong in this country but one has to see it against the background internationally, where things also went wrong for quite a while.