Mr. Marco Buti:

It is not that the statement is naïve but that it was the naïve view at the time. One may recall that, at the highest level of academia, the so-called efficient market hypothesis for financial markets essentially prevailed. The way we looked at financial markets, or the lack of completeness of financial markets in Europe, was such that it was believed the problem was that it would not allow the allocation risk in an efficient manner. We did not see what happened afterwards, namely, that the financial market would have an element of propagation of shocks that could lead to catastrophic events. That was not the focus of the attention.