However, in view of the forthcoming elections, I do not wish to add anything further on that. Let us focus on Switzerland. It is clear that the policies of the ECB have a strong influence on a small, open economy like Switzerland. Is it still at all possible for the Swiss National Bank to pursue an independent monetary policy?
Our central scenario is for GDP growth of around 3 per cent this year and around 2¾ per cent in 2020. The outcome for the year just past is expected to be a bit below 3 per cent. These numbers are lower than the ones we were expecting at the time of the previous hearing in August.