Third, the rise in private sector credit which, while decelerating, still grew by 23% in FY06 despite rising interest rates. Fourth, foreign direct investment flows, excluding privatization proceeds, also contributed to the rise in investments. Finally, high corporate profits have largely been reinvested in industry and there is a high degree of self financing taking place.
We have a strategy in Europe that is based on stable prices, sound fiscal policies  BIS central bankers’ speeches  3  and growth and employment-enhancing structural reforms. It will take some time to see the positive effects, but I don’t see any viable alternative.