My view is that there is a middle course, there is a way to reconcile these different concerns. Risks have come down. The non-performing loan ratios have come down. There’s more and more evidence of stability in Europe, and the conditions now are much more favourable to a negotiation than several years ago, when the amount of concern about risk was much greater.
One of the critical points for some countries seems to be the German request to limit the exposure of the banks to government debt. Right, but I think that banks in the euro area can diversify their sovereign bond holdings without taking on currency risk. They already do, to an extent. The question is: what is a reasonable level of diversification?