Although all countries show increasing numbers of e-payments per inhabitant for the years 2002-2006 and most countries show an increasing level of automation, the actual variations between countries are very large. Holland and Finland seem to be the leading countries, only 3-4% of transactions are initiated by paper formats.
At our next interest rate decision in January, we will assess all economic and financial developments and the balance of risks, and have a full updated projection for the economy and inflation in the Monetary Policy Report Update, to be published on 24 January 2008. Mr. Chairman, Paul and I will now be happy to answer your questions.