This is another way of saying that we have, in my opinion, avoided the boom-bust cycle in economic policy, and hence have an excellent outlook for the coming year. I have no further comments to make on the economy at this stage, but will be happy to answer your questions. The only other point I would like to make concerns the economics of banking.
Banks have been part of the solution The banks have seized the opportunity given by supervisors, central banks and the public authorities to maintain their lending to the real economy. By enabling access to funding, banks have allowed companies in the real economy to keep people on their payroll despite the uncertainty.