SET TRANSACTION ISOLATION LEVEL SERIALIZABLE on 7.0

Hi!!
On a debian 2.2.19:

$ /usr/local/pgsql/bin/psql --version
psql (PostgreSQL) 7.0.3
contains readline, history support
Portions Copyright (c) 1996-2000, PostgreSQL, Inc
Portions Copyright (c) 1996 Regents of the University of California
Read the file COPYRIGHT or use the command \copyright to see the
usage and distribution terms.

uidb=# SET TRANSACTION ISOLATION LEVEL SERIALIZABLE ;
SET VARIABLE
uidb=# SHOW TRANSACTION ISOLATION LEVEL ;
NOTICE: TRANSACTION ISOLATION LEVEL is READ COMMITTED
SHOW VARIABLE

Has the variable really been setted?
Is it a bug of the SHOW or what?

Thanks.

Enrico Mangano
Netsoftware Division
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NETHOUSE S.R.L.
Cso Re Umberto I, 57 - 10128 Torino - Italy
Tel. +39-011-581.581 - Fax +39-011-581.591
http://www.nethouse.it - mailto:enrico(dot)mangano(at)nethouse(dot)it