On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States. ↗
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments. ↗
There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries. ↗