Mr. Marco Buti:

At the time we did not have that kind of focus. The focus was on macro-economic variables, inflation and the budget which was the main point. It is not that the banks and financial system was disregarded but it was not part of this macro-economic surveillance because the focus on the banking side was more, as I said, on micro prudential. It was bank by bank. We did not see, at the time, the risks for the system as a whole and the spillovers on the macroeconomic stability of the country. Now we know better.