But overall, the judgement we had reached at that time, and subsequently spelled out in the May Statement on Monetary Policy, was that growth in demand and GDP during 2008 would turn out to be considerably lower than had been recorded for 2007. This forecast was at the lower end of the range of private-sector forecasts made at that time.
Answer 1: As we have heard by my panel colleagues, several regulatory initiatives are undertaken with the aim of creating a single market in financial services, including the current fund industry. The fund industry can benefit from new business opportunities which TARGET2-Securities will provide, as the fund industry will have access to a larger set of European securities, from deeper and more liquid markets.