As bank balance sheet deleveraging progresses, one should expect to see – and we are in fact starting to witness – an improved transmission of our currently loose monetary policy stance, in particular as deposit rates converge to lower levels. And we expect the effect of this improved transmission to become gradually more visible throughout the current year.
Moreover, many of the countries in Southeastern Europe are confronted by additional challenges. Let me mention some of these challenges, as well as some questions that we may wish to consider during the course of this conference. •  First, prior to the crisis many countries in the region ran large current-account deficits underpinned by capital inflows.