Let me turn to the first question on how sales in retail shops and stores were affected by the crisis. In Chart 1 you see the annual rate of change in the volume of euro area retail sales alongside with private consumption and GDP. You see that retail sales move clearly in tandem with private consumption and GDP.
7  See Coeuré, B., “ The future of Europe: building on our strengths”, speech at the plenary session on “The Future of Europe” during the fifth German Economic Forum, Frankfurt am Main, 6 December 2013. 4  BIS central bankers’ speeches  Why is this the case?