They are smaller than they were in 2013, but they are still relatively large. Their scale is a source of vulnerability, as is their composition. Going forward, we need to reduce our fiscal deficits, and we need to ensure that our borrowing is more productive. We are not saying we need to keep our current account deficit as small as possible.
Proposal for the allocation of the net profit Dear Shareholders, Pursuant to Article 38 of the Statute, acting on a proposal of the Governing Board and after hearing the opinion of the Board of Auditors, I present for your approval the Board of Directors’ proposal for the allocation of the net profit.