I want to single out two very important initiatives in this respect: •  The adoption of the ECOFIN roadmap of 20 October 2009 on financial supervision, stability and regulation. •  The proposals for a new supervisory framework in the EU based on the recommendations by the so-called de Larosière Group which were published in September last year.
This expectation is based on the assumption that wage developments will remain moderate in the context of a gradual economic recovery. Moreover, the past appreciation of the euro should dampen price pressures. These views are also reflected in the available forecasts and projections.