Today I want to begin with a brief assessment of the economic outlook before discussing financial conditions of businesses and households in more detail. Then, I will turn to some issues related to the management of personal credit and savings and the greater need that consumers have to improve their understanding of financial services and providers as the financial marketplace has expanded.
Nevertheless, private consumption is likely to remain resilient for the time being, as it is expected to be underpinned by an improvement in the income situation; namely, a rise in base pay this spring and an increase in summer bonus payments.