I do not have time to go into details today, but fiscal consolidation is also an important topic that should be kept in mind. The deterioration in fiscal conditions would become a factor to restrain spending especially of working-age generations by reducing their expectations for future income growth.
Sabine Lautenschläger: Supervising banks - four priorities Statement by Ms Sabine Lautenschläger, Member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the Single Supervisory Mechanism, at the International Monetary Conference, London, 13 June 2017. * * * Many thanks for your question, Howard. So what priorities do I see at the moment?