In this respect we have been bold. In 1999, central banking communication, with only very few exceptions, involved presenting the bank’s diagnosis by publishing the minutes with a delay of five or six weeks. The ECB was one of the first central banks to give a real-time detailed analysis and assessment and to organise regular press conferences.
It has been comparatively less hit by the recession and has preserved its productive capacity. Especially from 2013 onwards, it has shown remarkable growth performance, as I already mentioned. Second, it represents a sizeable share of GDP. In 2015, travel receipts contributed directly about 8% of GDP, compared with 5% in 2008.