Desconhecido: I refer, for example, to the global financial crisis of 2008, you were beginning, Mr. President, your second term, the president of the Central Bank was Henrique Meirelles, at that time I had the satisfaction of being chief of staff to President Henrique Meirelles at the Central Bank, and that 2008 crisis exposed... the fragility and vulnerability of financial systems as a whole, which were highly leveraged, highly exposed to risks.
Desconhecido: Credit dried up globally and that resulted in an urgent need to tighten regulation.
and at that moment there was also very active participation between regulators and the regulated.
Desconhecido: Here as a first example.
Desconhecido: of this global institutional coordination.