Thirdly, we have capacity pressures, but so far without inflation. This can lead to loss of market shares, but we cannot produce more than our labour resources permit. There are signs that this pressure is affecting productivity. We must take care, but the situation is not as bad as it was during the upswings in the mid-1980s and mid-2000s.
Fourthly, times are also good in the financial sector, although risks are increasing. Far into the upswing, interest rates remain very low, there are a number of international risks, and there is fierce competition to provide loans in a low-demand market. It is time for a larger countercyclical capital buffer.