I would like to conclude by mentioning two other things that have changed over the past year. First, hedge funds. As recently as three months ago if you complained about the activities of hedge funds you were regarded as paranoid and you received a sermon on the dangers of shooting the messenger, etc.
Now, no one has got a good word to say for them, and they are likely to soon be brought into either: • •  the disclosure net, or some form of supervision via their connections with banks. Second, I see a clear improvement in future crisis management in the way the IMF is talking with Brazil.