Mr. Klaus Regling:

That was the main approach. Of course, there were rules and regulations in place. We have EU directives that deal with banking supervision. Also in the United States, there were rules in place but the general approach was one of light touch from the official side. There was a lot of confidence that the banks would self-regulate in their own interest. I already quoted Mr. Greenspan, who said a few years later that this was a mistake.