On the basis of current market expectations for oil prices, it appears unlikely that annual inflation rates will return to levels below 2% in the remainder of this year. Looking ahead, however, there are no indications at present of stronger underlying inflationary pressures building up domestically.
It is in this spirit that I look forward to the upcoming Euro Summit meeting on EMU governance. Thank you for your attention. I am at your disposal for questions. 1 Excluding Ireland, due to the country’s exceptionally high GDP growth in 2015 linked to specific activities of  multinational enterprises. 2 Using composite cost of borrowing indicators.