I might add that Europe lacks a budgetary instrument to support social adjustment in crisis countries, which could have prevented dramatic situations – schools without heating and hospitals without medicine – such as we saw in Greece. On 14 June the ECB announced, as expected, the end of its policy of asset purchases, referred to as quantitative easing or QE.
In contrast, the first rise in interest rates is going to come later than expected. Does that reflect your concerns about the robustness of growth? Growth is still robust throughout the euro area, despite the moderation in the first quarter, and even in the second quarter in certain countries.