Is growth in Europe as strong and broad as all that? It is strong, broad-based and inclusive, i.e. for the first time in a long time the whole of the euro area is growing – all regions, all industrial sectors, and this is a new development, and very positive.
But, I should say first that inflation is not yet quite where we want it to be; the ECB’s projections put inflation at 1.4% for next year, which is good, but not close enough to 2%. So we are not yet quite where we would like to be in terms of inflation.