Suffice it to say that were we to incorporate a degree of new fiscal stimulus in this projection today the output gap would close sooner than in our base case, but how much sooner would depend on the scale and nature of the fiscal measures. It is fair to say, therefore, that our deliberations began with a bias toward further monetary easing.
When it comes to Basel II, we recognize that certain details relating to internal bank systems and processes will depend on what the final U.S. rule and guidance contain.