Furthermore, there has been progress in the inclusion of enhanced Collective Auction Clauses into newly issued international sovereign bonds to reduce the disruptiveness of sovereign debt restructuring. Nevertheless, with huge amounts of debt in US dollars being created around the world without liquidity backstops, we are still far from having a global lender of last resort adequate for our times.
You may recall that the staff projections that were published, after the high growth of last year, already pointed to a certain deceleration. So, what is happening is still within the bounds of the staff projections for the whole year, which nevertheless forecast growth above 2%.