Thanks for the question.
It's an important issue. The recent events in Europe, in our opinion, will reduce growth in Europe for the second half of this year and into 2012, and probably into 2013 as well, so it will have a long tail.
One of the advantages that Europe has is that its core, Germany in particular, is incredibly leveraged and exposed to the major emerging markets through manufactured commodities, precision instruments, and other very high-value-added products, so the multiplier effect that Germany and, through Germany, Europe gets is helping to support growth in that economy as a whole. The core of Europe has some very strong fundamentals; there are some difficult issues in the periphery.
With regard to the situation with European banks, there are challenges for the system as a whole in terms of the level of capitalization of those institutions. They need to continue to build capital over time in an appropriately paced fashion. They need to build capital in order to provide credit.
Since the events of 2008, some very important mechanisms have been put in place among the major central banks. I'm speaking specifically about U.S. dollar swap lines and other cooperative arrangements that have been put in place between central banks. These measures will help ensure that liquidity shocks will be mitigated. They can't be eliminated, but they can be mitigated, which should reduce some of the contagion from those events.