They thought that if we did get a recovery – and some despaired of that – we would return to our old bad habits of high inflation. People worried a lot about Australia’s substantial current account deficit. There were relatively few optimists. You might notice some of that sort of thinking today, in some other countries.
Third, the lion share of German and other  2  BIS central bankers’ speeches  European banks have used the rather benign market conditions in the first part of this year and have completed an over-proportional part – or even all – of their overall 2011 funding needs in the capital market segment.