shocks to emulate from the euro area as a consequence of the debt crisis. if i pressed you and asked you about the key risks to the uk s aaa rating status, would you say it would more extend to exposure to problems of the eurozone or the trajectory of fiscal policy? the risks i think there s a first step and a second step. the risk our view is that in the absence of further macro economic shocks, the debt to debt would be restored and the debt, then, would become sustainable as a result of plans. the threats to the plans are in the macro economic arena and those threats are both within, as a consequence of the uk s domestic macro environment and as a consequence of the situation in euro area. we haven t sought to try to weight those two broad underlying threats to the debt consolidation trajectory. mr. kramer, do you just going back to what the chairman asked you about the u.s. experience. do you accept that you and the markets reached a very different verdict abo
it s held back largely by the economic risks which have to do with the imbalances in the uk economy, in which you could fesh measure for example, in the leverage of private households in particular, and, therefore, with a credit risk in the books of banks. the so this, for example, is a theme that you see in other sovereigns as well. if you look at the root causes for the current financial crisis, it s our view that a lot of it is found, it s not a fiscal crisis per se but a crisis of credit growth, too fast credit growth and credit risk in the economy, and the uk certainly is one of those cases. it s our view that the uk is currently in what we would call a correction phase. basically what you have now is banks becoming much more cautious and reluctant to extend you credit, which, of course, comes with new credit risk exposure. sure. could i just stop you there, because you break down yes. your assessment of banking risk to credit risk, and you ve observed in you