However, in retrospect, the increase in exports during that period was partly supported by the credit bubbles in the United States and Europe as well as the substantial depreciation of the yen.
It is now at its lowest level on record. Mario Draghi is the Governor of the Bank of Italy and he is also the Chairman of the Financial Stability Forum. Last week I spoke to him at the World Economic Forum in Davos. It was clear that we had to understand and I needed to understand from him the situation that we face.