It is in light of the PSI being confirmed as an exceptional case that we should interpret both the amendments to the collective action clauses and the possibility that the reform gives to the ESM to facilitate dialogue between a country and private investors, only if the country so requests, ‘on a voluntary, informal, non-binding, temporary and confidential basis’ (recital 12).
3  Normally, an upward revision of the potential growth rate or potential GDP figures will exacerbate the output gap. However, with improvements on the supply side of the economy, the output gap may improve and upward pressure on prices may heighten if demand increases in the somewhat longer term at a pace exceeding growth in supply capacity.