The forecast for the year-on-year rate of increase in real GDP for fiscal 2012 is 2.9 percent, broadly unchanged from the relatively high growth projected in the April 2011 Outlook Report. Let me turn to price developments. The pace of decline in the CPI has moderated steadily reflecting the improvement in the aggregate supply and demand balance.
At the risk of repeating myself: we first need to have a robust recovery in place. Dear friends, Europe will get through this crisis, both in terms of health and economically. We rushed to the emergency and threw everything we had at the patient. And now our aim is, and should be, full recovery. That requires time and careful treatment.