Keeping inflation in check is the key to longer expansions. It has sometimes been said that we are too cautious in following this policy. I think that is a little unfair. Of course, we are cautious in that we like to look at a range of BIS Review 103/1997  -6-  information and think carefully before we make a move on monetary policy.
No other comment. There was a story a few weeks ago that some in Greece were considering a withdrawal from the euro. Has anyone in an official position ever raised with you that possibility? No. And likewise Ireland and Portugal? Correct. What would you say would be the consequences of such a thing? It is not a working assumption that anybody considers.