It can lull us into a wrong sense of complacency. This is the answer to the question I posed earlier: We work on systemic risks, report our analysis-thank God for our staff and for our colleagues-and engage the public because we avoid the expected shocks and better manage when the unexpected ones happen. This is a point of resilience.
For instance, we in the central bank know that the policy rate affects [market] interest [rates]. But it does not affect the foreign borrowing costs of conglomerates from abroad. In a sense, the conglomerates live in a financial sector that is quite different from the financial sector that we all live in. The government is the same thing.