A conference of the heads of treasuries is pre-destined to be cloaks and daggers, or smoke and mirrors, if you will – everything that is emitted here is either in the money or out of it. In the public's imagination, your interactions here with each other even on an informal basis can be stylised to follow a game theoretic sequence.
It is difficult to quantify this risk, but it is one that is difficult to ignore. As I said, our focus is on the medium term, not just the next year or so. Another consideration in thinking about the risks are the trends in the labour market.