Such a sustained period of growth at a rate above the economy's potential, even though it coincides with a period of fiscal consolidation, is due to the strong expansion of overseas economies and the accommodative financial environment. 3. Developments in prices  I would now like to talk about the price situation.
You’ve alluded to the hot periphery, you have a laggard Italy, yes, things have looked a little better in the last 12 months or so, but how, from your position as president, and your colleagues at the European Central Bank, how are you managing these divergencies? And how concerned should we be about them? JCT: Several observations.