Mr. John McCarthy:

Just on the first question, why Japan has an independent monetary policy, just the Kelly paper, which is, sort of ... also looked at the experience of 30 countries - I think it's 30 - across the OECD, and they, of course, had independent monetary policies as well. So I think that point needs to be borne in mind. On the second point, I mean, typically, economists, when they're looking at issues, they look at what's happened at the past. Does it set a precedent? Or they look at kind of cross-country experiences.