the subprime mortgage market. Nevertheless, I believe that financial excesses could not have developed to the extent they did if the macroeconomic environment had not been characterised by large saving-investment imbalances, very low interest rates and asset price misalignments. These factors helped create the conditions in which financial innovations and regulatory failures caused serious dysfunctions in the US and global financial system.
In closing, I wish to remind you all that this meeting is taking place the day before two successive national holidays, Corpus Christi and Indian Arrival Day. The timing is therefore opportune for you to experience some of our country's religious and cultural heritage and to partake in our delicious indigenous cuisine. I thank you and wish you all a very productive meeting.