On exchange rates I will say that excess volatility and disorderly movements in exchange rates always have adverse implications for economic and financial stability. And I consider it very important that the US authorities also recently confirmed their long-standing position that a strong dollar vis-à-vis the other major floating currencies is in the interests of the United States.
But cooperation in the G20 is at a very low point. The United States will perhaps create even more liquidity; China refuses a substantial appreciation of the yuan. Between the selfish policies of the two great powers of today, Europe risks the euro becoming too strong. I responded already on the United States.