In early 2007 it was before the start of the financial turbulences I said publicly that my colleagues and I were warning against an under-assessment of the quantity of risks and an under-pricing on the unit of risk in global finance.
In early 2008 we were in a situation which was obviously very demanding because we were experiencing the turbulences which had started since August 2007 and we had to take already some unconventional measures. We had not yet to cope with the dramatic intensification of the crisis, namely the post-Lehman situation.