Vítor Constâncio: Presentation of the ECB Annual Report 2012 to the Committee on Economic and Monetary Affairs of the European Parliament Introductory statement by Mr Vítor Constâncio, Vice-President of the European Central Bank, to the Committee on Economic and Monetary Affairs of the European Parliament, Brussels, 24 April 2013.
I think they can go through but it’s of course a more delicate phase in the business cycle for them. What about Italy? Praet: Italy is another case. It’s a different case. Italy is weak since a long time so Italy has a number of recessions before. They had I would say three recessions. They have a new recession now.