Mr. Gabriel Makhlouf:

First, I am not sure I would completely agree with the Deputy as to why we had the housing crisis when we did. Monetary policy at the time, as it is now, was being set for the euro area as a whole. One of the things we have learned over time is that it is important that fiscal policy supports monetary policy. That is one of the reasons we have had the EU Stability and Growth Pact, which is now being redesigned. Also, in the context of financial stability, one of the things we learned was we did not have the right set of rules in place at the time, which we do now. Those rules probably play a slightly more significant role in a macroeconomic framework like that in the EU, where there is one monetary policy and lots of fiscal policies, than in some other economies. I emphasise that monetary policy is set and has to be set for the euro area as a whole.