Many enterprises which are not formally covered by them tend to adhere closely to them. The experience of the past few years also shows that the wage drift, the difference between negotiated pay rates and actual earnings, acts as an important corrective of excessive collective wage agreements. So actual wages are more flexible than they appear at first glance.
Clearly, the area of private equity is one where we need a greater degree of analysis to inform our judgment about the financial stability issues arising, and I am very pleased to see that you have quite a significant degree of empirical research being presented here on an extensive range of issues in the private equity arena.