There is more rigidity in wages in a recession (in Europe) and that is an important factor and that is why I never really feared we would have actual deflation in Europe. Wages will not be as flexible down as they were in Japan. Most of euro area GDP comes from services and inflation in services is basically about wage developments.
It is very difficult to go to a situation of deflation in Europe. That’s a difference with Japan. Will divergence continue in the euro zone? No. We saw an initial phase of catching up and convergence. Then came the crisis. If you look to the development of the economy in the U.S. and Europe, the recoveries are very similar until 2011.