In our enforcement investigations, the Central Bank will consider all possible angles, including potential individual culpability.
Macroeconomic imbalances [Slide 7: Competitiveness of stressed countries] Turning to the adjustment in competitiveness, as measured by the real exchange rate in relative unit labour costs terms, progress has been significant with improvements since 2008 that have more than offset the losses accumulated since 1999. Countries have improved their competitiveness position both compared to the rest of the world and within the euro area.