As regards the Eurosystem, we believe that our flexible operational framework, including the collateral component, has served us well until now, and has helped us to weather a number of tests, including the latest of a prolonged liquidity squeeze in a wide range of unsecured and secured markets. However, this does not mean that there is no scope for refinement and further enhancement.
One recent example is the fine-tuning of our risk control framework in the context of our latest 2008 review of the adequacy of the risk control measures.