Maybe we are in a grace period.
The time has come for concerted action to share the burden of adjustment and maximize the benefits that such action can produce.
We want to grow organically.
We want to be the leading investment bank in the world.
Consolidation is not a goal in itself and must bring an advantage for investors.
We reached our financial target thanks to continued revenue growth in key businesses, strict control of costs, risks, and capital, and a rigorous focus on core business lines. We have invested in growth businesses and regions during 2005 and will continue to do so.
If I am found guilty, I will step down.
The strong flows of international capital into emerging markets reflect a number of important trends. In addition to continuing significant global economic growth, national authorities in numerous emerging market economies have improved economic policy management in recent years, which has led to greater growth, lower inflation and reductions in the ratio of public debt to GDP.
Our objective now is to sustain, over the cycle, this level of pretax return on equity and double-digit earnings per share growth.
Today's uncertainties call for vigilance by the authorities in both mature and emerging market economies in pursuing sound economic policies. Investors need to recognize the costly consequences of sudden reversals in global conditions that could impact the markets.