And of course we need to strengthen these movements, and that’s why at the European level we need new initiatives to deepen and strengthen the functioning of the monetary union. What about Italy? Is Italy the sick child of the euro area? Because of course Italy is a very particular case, with a huge exposure to non-performing loans and a banking system quite vulnerable.
The main consequence of having too high non-performing loans is on profits because all those loans are not providing the revenue, so the NPL question is very important to indeed restore conditions of improved profitability so that they can then offer new credits to support the recovery. But despite the recovery of the eurozone, all these positive messages, we have many challenges ahead.