There are lots of linkages between the banks that are under threat, particularly in the US and the real economy. And now we also see this big re-pricing in the bonds of other banks that might be subject to bailins. So do you think the central bank should have acted differently? Well, with respect to the Fed and what it's done since the banking crisis started,. I think the moment at which it could have acted differently or indeed policymakers more broadly was prior to the crisis.