That is an important question. If we go back a few months, when governments were starting to make their expenditure plans, there was fear of an inflation bulge. There were a number of inflationary fears in 2009, but I go back to the fact that demand is extremely weak. In the short and medium terms, demand in industrialized countries is much too weak. That is because of the rebalancing in several sectors, so that, even with governments carrying enormous debt, it is still likely that inflation will be very low. The economic machine is not going fast enough.
That said, in five, seven or eight years, when we have gone through this period of rebalancing, there may be an inflation bulge then. At the moment, there is none. Few people, I feel, are anticipating inflation at the levels we saw in the 1970s, when the public debt created too many inflationary pressures. Perhaps there is a more technical way to answer. Economies are operating clearly below their potential. So there is a lot of slack in the economy. A lot of time will be needed in order for that slack to be taken up.