That is not the case in Europe. So we’ll have also to account for these differences. On a trade-weighted basis, the euro is that much stronger compared to the dollar: is that a concern at all? Do you think about it, or not?
Well, we don’t have an exchange rate target, and insofar as exchange rate movements do reflect the economic fundamental situation, that’s fine, so there’s nothing to comment at the stage we’re at. 2/5  BIS central bankers' speeches  Compared to six months ago, what is the risk that you still perceive – forecasts are a lot better, right?