We are seeing an uptick in fiscal approaches with more public funding, including in the United States and Europe. One thing that's clear is this: Finance regulations are not going to solve policy gaps. If we look in the real economy, improving access and risk management within the financial sector is part of the solution. To help transition, there often needs to be a policy impetus within different sectors.
Part of that impetus can be fiscal. It's about managing risks and innovation. I referred to an electric vehicle manufacturer. It was started with public funding 15 years ago. We believe well-invested public finance can help de-risk. It can partner with the private sector in bringing innovation forward. Of course, it has to be properly overseen and managed.