All these activities communicate to the public the Bank’s stance on economic issues, which is the outcome of collective work carried out by all departments, particularly the Economic Analysis and Research Department, and endorsed by the Bank’s decision-making bodies.
In considering this issue, I would like to first pose two questions to the top executives that are here with us today. First, in the years heading up to the crisis, especially the five year period between 2003 and 2007, did you recognize that risks were building up in your institution and/or in the financial system?