The recent increases in oil prices and the lagged effects of the developments of the exchange rate in the first half of 1999 are the main factors behind the upward movement of prices.
We are all committed to work out together these new prudentials and if one systemic country – I’m not speaking particularly of the US but of all of them – is not applying the new prudential rules, then the whole exercise of the G20 would appear futile. This is why I cannot imagine such a hypothesis.