Looking at developments in private consumption since April 2014, despite the decline I just mentioned, many firms have indicated that the degree of the decline has been broadly in line with expectations. In terms of sentiment, the consumer confidence index, which had been relatively weak for some time, has improved for two consecutive months.
This is another reason why the stalemate over reform which has built up over decades must now be broken. The dismantling of the dense web of regulations, which this requires, would also enable us to reduce bureaucracy. A leaner government sector could then be financed with lower taxes, which, in turn, would benefit all.