It is undoubtedly too early to judge the decisions of the new administration as it is only just beginning, but I would draw two conclusions. The first is that it is very important for us that financial conditions in the euro area remain appropriate for the euro area economy, i.e. that the euro area is protected from external financial shocks.
In fact, it sets a target of raising the level of gross fixed capital formation from around 17 per cent of GDP currently, to as high as 30 per cent by 2030. Inarguably, well-planned and appropriate infrastructural development is conducive to higher levels of economic growth and job creation.