I would address the comment in the following way. What I think is not sufficiently present in the discussion we have had so far is that no one is forced to buy CDM credits, because the system is open. It's a free decision of every single company or market operator to go for CDM credits. They go for CDM credits because they think that is a cost-effective way of securing the compliance the system is imposing on them.
So it's a free choice, first, to go for it. Second, in that context, we have to take a very pragmatic view and reduce emissions where it is the cheapest. Since cost-effectiveness leads to a reduction of emissions wherever in the world, it has the greatest impact because we went for the low-cost solution.
I think that all systems, the European system as well as any other systems we have observed, have a de facto balance between what they do domestically and what they do externally. That balance creates an overall cost-effectiveness that is quite attractive for both sides--those who are delivering the credits and also those who are reducing their emissions.
Now that I have the floor, I cannot resist making one correction on what I heard from the previous speaker--