My third question relates precisely to inflationary pressures, but I would first like to ask you another question. You and I have already, in the past, had the opportunity to talk about inflation. You told me about your targets. Now, you are talking to me about a tightening, most probably in order to reach your objectives in terms of inflation. We will have to discuss this further.
The other question I wanted to ask you is purely technical in nature. It relates to market regulation structures. During a symposium held in London at the end of November, and which was attended by the critic for the Liberal party, I was much surprised by what one of the participants had to say. She was an American, who plays an important regulatory role in England. What she said was surprising. It had to come from someone from the financial milieu and who works for the State. In her opinion, the rating of securities and bonds on the market, as it is done by the Dominion Bond Rating Service and others, should be a function of State regulation.
During a conference I participated in as a speaker, in Paris, in the month of January, I was surprised to hear Joseph Stiglitz state, during a discussion, that he shared this viewpoint. There are aspects of what we have experienced over the last two years that are directly linked to the defects of this rating system. If you, as a former Goldman Sachs man, are here today smiling and chuckling with elected members of the House of Commons rather than being subjected to the throes of a full-fledged inquisition before the American Senate, it is because you made a good career choice. What I most want to know is if you agree that this way of rating securities on the market might eventually fall to a regulatory role of the State.