At the same time, unemployment in the euro area remains high, and the necessary balance sheet adjustments in the public and the private sector will continue to weigh on economic activity. The risks surrounding the economic outlook for the euro area continue to be on the downside.
Conclusion That, I trust, gives you a reasonable overview of the state of play on the Global Code. A lot of work has been done to get us to this point. There is still a lot of work to be done. The work to date has reflected a very constructive and cooperative effort between the central banks and market participants.