One consequence, whether intentional or not, might also be an increasing politicisation of the exchange rate. So far, the international monetary system has come through the crisis without competitive devaluations and I hope very much that things stay like that. Now, in Japan of all places there may be more obvious problems than inflation and a weak currency.
Ladies and Gentlemen, we will all agree that the resilience of the financial sector is largely dependent on the soundness of financial institutions and the robustness of the financial market infrastructure. The Cyber Security Directive for Financial Institutions does not fall short of addressing these objectives.