*  *  *  I would like to thank Francesco Mongelli for his contributions to the preparation of this speech. Ladies and gentlemen, It is an honour for me to have been invited here today to speak about the emergence of a European culture of stability. In Germany, such a culture is the outcome of what is known as Ordnungspolitik.
The report is based on the revised national accounts for the 1st half of the year, so the forecast deviates from forecasts published by Danmarks Nationalbank in September and of the Ministry of Finance in August. In addition, a choice has been made to the effect that the higher-than-planned public consumption in 2010 must be counterbalanced in 2011.