What did you learn from Guy Wagner’s presentation on the economic situation this morning?
What really struck me this morning is that the crisis is not over and foundations should realize they are in for a protracted period of economic problems. The most important thing is that the vulnerability is so high. If you look at increasing government debt levels, as demonstrated by Guy Wagner this morning, we are in for problems of inflation in the future. And foundations now have somehow to put the emphasis on preserving what they have and to look at the risk they are running and their liquidity. So those are the three elements that I took away from this morning: the emphasis on preservation, risk and liquidity.