This is a course already given significant impulse by the measures taken during the summer concerning professional services and local public services; it must be resolutely pursued with effective implementation of the measures already enacted.
The US economic growth appears to be gaining some traction, although it is still a work in progress. Even as the medium-term implications are still unclear, the fact that the US fiscal cliff has been avoided over the weekend provided support to the markets when they opened yesterday. Risk appetite has again emerged.