As far as FII on government debt, yes certainly, we have expanded that quite rapidly in the last three or four years, but there is need for going a bit more cautiously, because as we’ve seen during the crisis, countries with large sovereign debt exposure to foreigners suffered destabilizing volatility.
So we need to balance the concerns of stability with concerns of less expensive foreign flows. WSJ: When you take over in 2008 did you make a conscious decision to take a more hand’s off approach when it comes to foreign exchange interventions? SUBBARAO: That’s a judgment outsiders will have to make.