Moreover, we continue to see the sovereign debt turmoil and its possible fall-out to the financial sector and the real economy as a downside risk to the economic outlook. These developments are therefore duly taken into account when deciding on monetary policy in the months ahead. To conclude, I would like to touch upon two issues which often raise questions with observers.
I have no doubt that our guest of honour this evening – Pablo Hernández de Cos – sees things in exactly the same way. All the more so as the positive effects of the reform package clearly outweigh any downsides it might have.