But the war and the risk of further disruption in the energy supply to the euro area continues to be a significant downside risk to growth. In fact, the downside scenario in our June projections reflects this risk and implies a contraction of activity in 2023, following weaker but positive growth in 2022.
Additionally, financial industry should strengthen awareness of social responsibility and risk prevention, establish effective information mechanism, provide market and policy support to production capacity allocation appropriate with environment endurance, reduce price distortion so that market can play a fundamental role and encourage industrial structural upgrading and a shift of economic growth model through financial market. I.