Okay.
Well, I do think it's early to be drawing real lessons, but I guess from my own point of view, I would say that speed mattered. You see some countries that were slower to react, just because fiscal policy requires a bunch of negotiations or something passed in their parliament or in Congress. I think one of the things we did well was that we made tools that are, as I call them, “elastic”. They get bigger if the economy is more challenged. They get smaller when the economy does better. That's a form of automatic policy. I think the lesson that everyone around the world has learned is that the more automatic tools there are, the better things work in this situation.
We also learned that fiscal policy is the most important tool when interest rates are so low. Not only is it the only one that really can work, but it's a very powerful tool. That's something we knew since Keynes in the 1930s, franchement, but I'm glad it worked the way that it was said it would.
That's a limited answer for now. I think we should give it more time.