or so, and this in a situation where the rebalancing of economic activity will continue. Such a performance would undoubtedly be a good performance particularly given the background of heightened uncertainty and serious market turbulence. Finally, with regard to the broader international picture, the outlook is not without risk.
It is heavily dependent on how market developments and financial conditions evolve, and how banks, households and firms respond. The performance to date of the core financial system in the euro area, and here at home, has been encouraging. The euro area operational framework has worked well and, as I have stated, continues to respond flexibly to the evolving situation.