It seems to me that I trust that in a number of areas, we can proceed very much through the way of such voluntary codes. I, myself, was very happy, because in the domain of preventing and solving a financial crisis in the domain of sovereign risks, voluntary principles could be worked out by issuers and lenders. This has been very useful.
I had launched this particular idea myself together with several friends. I was very happy to see that it could fly. FT: When was that? JCT: I launched it when I was Governor of the Banque de France, and it was at the time when the idea of having perhaps new legislation at a global level to run such a crisis was launched.