Mr. Brian Cowen:

Yes, well, I think obviously we ... you know, with hindsight now, there's lessons to be learned. I mean, there is no doubt that what has really come into focus as a result of this crisis is the cross-border effects of international banking. When international banking gets into trouble, in a way that wasn't the case before a globalised system that we have now, it can have huge effects right across the whole developed economic system and that is something that wasn't understood. Hopefully, the Single Supervisory Mechanism now at EU level and the accretion of competences at the EU level will improve what was a badly co-ordinated effort, at member state level, to be better understood and better implemented in the future.