We had a very thorough discussion because the situation is complex and of a multidimensional nature. Perhaps even unusually multidimensional, taking all elements into account. As I said, there was no call for a rate increase and no call for a rate cut. The French government has the problem of Société Générale while many banks will be announcing results later this month.
While it is common to associate supervisors with the micro-prudential dimension, it will become apparent that, according to my definition, supervisory perspectives inevitably include elements of both, and that the macro-prudential element has been gaining ground in their thinking in recent years. Indeed, the mix differs within the supervisory profession and may even vary with the context of the discussion.