It remains true, of course, that Germany, as well as the full body of the euro area and probably the full body of the European Union, has a lot of structural reforms to embark on, to implement. We all agree on that. We are calling for that. We are repeatedly asking for those reforms to be implemented.
Germany was doing reform in a way which was not negligible, but was not necessarily extraordinarily rapid. But the area where Germany did really a very, very good job was again this recovery of cost competitiveness of the private sector, accompanied by restructuring, reshaping, internationalising, actively. That last remark is also partially true for the rest of Europe, in my opinion.