In terms of nominal GDP growth, I think Mr. Drummond's projection for 2009 is in line with what we have. I think it's a decline of 4.4%, but in his projection he's also taking views or changing views on the underlying, let's say, the income composition. So the corporate profits might be quite a bit weaker than he had, whereas when we're using fiscal sensitivities, the underlying assumption is that the reductions are spread across proportionately. So the two.... I'd say it's not a fair comparison to compare a projection versus a shock minus control estimate.
On March 25th, 2009. See this statement in context.