Professor Morgan, you stated in your presentation that voluntary regulation of the industry does not work and that examples can be cited to prove that fact.
Would you elaborate on that statement? In which countries is a voluntary regulatory scheme working, and why is it not working in others?
My next question is similar to the one I put to Mr. Orr earlier. In your opinion, is it not critically important for the industry to ensure that the products it puts on the market are effective, precisely to ensure long-term profitability?