In particular, I underlined the advantages of our risk management approach based on three pillars: the money market equilibrium, a managed float, and countercyclical policies that includes a proper regulation and financial surveillance. I also mentioned that, from the Central Bank, we successfully weathered the first turmoil since the end of the 2001 crisis.
Twelve months later, we have lived through three complex situations, which proves us right in the actions we have taken. The first one was the beginning of the sub-prime mortgage crisis in the United States (July-October 2007).