Around the world there was still the depth of recession and here at home we had to support recovery. And rates had come to historically low levels as part of the crisis management and we couldn’t raise them abruptly, so it had to be a calibrated process. So even with the benefit of hindsight, I believe we calibrated the policy stance quite well.
The last point I want to make is there’s no counterfactual. It’s not clear that inflation would not have been much higher if we had not acted. I’d say we are quite comfortable with our criticism, but I believe that our baby step approach for much of 2010 was justified.