Mr. Marco Buti:

I think the issue was not part of our surveillance at the time. As I indicated, the focus was essentially on the fiscal, the monetary and the macroeconomic. As I have indicated, it was thought that in line with the great moderation paradigm, banks and financial systems would simply help to allocate resources in the most efficient way to the economy as long as fiscal and macroeconomic policy remained disciplined. Monetary policy was to remain in line with the price stability objective and fiscal policy was to remain in line with the constraints of the Stability and Growth Pact. This was the paradigm at the time. We know today that the focus was only partial, unfortunately. Since then, we have completed our set of tools. The focus of attention has moved well beyond these two elements - monetary and fiscal - to encompass the banking system as well. We have gone well beyond that with the creation of the banking union.