As you know, we look at the situation of the euro area as a whole. The significantly positive signals in various German surveys are important, because Germany is the largest national economy of the euro area. We will see how the present period of recovery develops. We have quite a number of good signals.
These signals are encouraging for the euro area and confirm a trend for the recovery that is likely to be around our growth potential. That said, we are very pragmatic. We look at all the facts, figures and data, and stand ready to incorporate them in our future assessment. What risks to price stability do you see, with the exception of oil prices?