That’s why we are in close contact with the Basel Committee on Banking Supervision about the parameters of the leverage ratio, because we want to be sure that there are no disincentives for mandatory central clearing. We are now at a point where we should look across different elements of regulation and make sure we are consistent.
Why is that? Well, on Thursday the Governing Council of the ECB will meet to take interest rate decisions. A gentlemen’s agreement among European central bankers compels us not to discuss any issues related to monetary policy in the week prior to those meetings and I will of course honour this agreement.