That explains why we are calling for highly sound fiscal policies, which is particularly valid for Spain and Ireland and they are following that way. As responsible as possible wages and salaries increases are also crucial in order not to lose competitiveness in very buoyant episodes of the cycle.
Finally we call for as active as possible structural reforms to have as flexible economies as possible to increases growth and keep down unit labour cost. How big a risk to eurozone price stability are housing price booms, like the ones in Spain or Ireland? Are you concerned about housing valuations on those countries?