In Europe we think that the current policy of the ECB is appropriate... At least that is until there is a clear and stable recovery.

There was a consensus, at least among the two big parties, that reforms were crucial.

We see a recovery in Europe, not very acute but a recovery, and we see a more broad-based recovery in Japan.

I think the Chinese authorities, one, clearly recognize the advantage to move to a more flexible monetary system and, two, they recognize it has to be done in a gradual way but that it has to be done without delay,

And then you might decide that the country can just spend maybe years or decades to regain that credit, or maybe give that county the support, the financial support that the market is not willing not do.

There is very strong demand and we don't see that demand receding. Prices are not going back to the levels seen at the beginning of 2004.