That brings me to the end of my presentation. Thank you very much indeed for your kind attention.
16  BIS central bankers’ speeches  Chart 1 Outlook for economic activity (Real GDP) 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 -3.0 -3.5 -4.0  y/y % chg. 2.9 Actual 1.4  1.2  1.6  0.2  2006  07  08  09  10 11 Fiscal year  12  13  14  15  Note: The circles in charts 1 and 2 indicate the median of the Policy Board members’ forecasts.