Recent events have highlighted the need for risk-management improvements in four fundamental areas: risk identification and measurement, liquidity risk management, governance and risk control, and valuation practices. First, for risk identification and measurement, as all of you here know, good information is the lifeblood of sound risk management.
Along the same line, the weaker outlook in 2009 reflects a more modest growth at the end of 2008 and beginning of 2009. The underlying quarterly profile reflects expectations of a gradual economic recovery in the euro area from the end of this year and into 2009 and 2010.