I think the discrepancy in pricing comes from the fact that one is a voluntary system and the other one has a mandatory framework, which of course is the European. When discussing pricing, it's very important, especially when referring to the futures business, which price point we're looking at. Admittedly, normally and as a rule the near-term price, which would be the cash price, will be lower than the far-out price, the forward price.
We're seeing a forward price in Europe of around 18 euros—I guess the trading range on the forward, 2008 price of carbon has been varying between 15 euros and 20 euros—which I think is an interesting indication of what the market is thinking. The cash price or the price per tonne for near-term months is admittedly a lot lower, for understandable reasons. The market has gone through a major readjustment as a result of some miscalculations, though the market is proving to be very efficient in that respect.
But to compare the price of a voluntary system with that of a mandatory system is like comparing, unfortunately, apples and oranges. They're not the same thing.