Finally, we shall deal with the lessons of recent financial crises and the way forward. Professor Allen Meltzer will lead the discussion in this panel. Thank you again for coming and taking part in this conference. Many thanks to the panelists.
According to estimates by Federal Reserve staff, the value of stock option grants for the S&P 500 corporations fell about 15 percent from 2000 to 2001, and grant values have likely declined still further this year.