 I'm encouraged by the fact that there seems to be a growing recognition that monetary and fiscal policies jointly determine inflation and influence economic activity. Unfortunately in the euro area we're still missing a thorough understanding of exactly how monetary and fiscal policy interact when you've got one central bank and many independent fiscal authorities. That understanding is essential for the design of fiscal rules. I fear that many countries in Europe now are adopting fiscal rules that don't take into account these monetary policy considerations. And it's quite possible that these fiscal rules will, if they're not coordinated with the ECB's mandate, make it impossible for the ECB to achieve its mandate. Well it's early still but I think this morning's presentation by Helen Ray presented a provocative and very innovative approach to trying to understand and predict financial crises and I think it's going to lay the foundation for a lot more work in that area that will ultimately help policymakers understand the nature of these crises better and be able to respond more effectively to them.