Mr. Simon Carswell:

I do not think we understood the risk around applying monetary policy across so many countries. Monetary policy is applied first and foremost to the biggest economies. A blanket monetary policy was applied across a patchwork quilt of different economies, some of which needed low interest rates and others of which needed high interest rates. Applying one interest to all economies creates the type of uneven credit scenario we witnessed during the crisis, leading some countries to experience to boom in lending we experienced.