It is clear that it has an impact on growth in Germany and Europe – we will have to see how much exactly. There is a mainstream consideration that there will be a little hump in the present last quarter of this year and a little bit of a slump in the first quarter of next year. We will see.
But those who think that it will affect the German economy – and therefore the economy of Europe – very profoundly are not very numerous anymore. What structural reforms are necessary in Germany and Europe as a whole? For Germany and Europe as a whole the message is the same: actively continue to implement structural reforms.