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?
In view of the increasing severity of the employment and income environment reflecting aggressive corporate restructuring, it seems difficult to expect any rapid recovery of private consumption from the current situation. The second reason is that we still need time to carefully monitor how an improvement in the financial environment affects the real economy.