It was indeed underlying the deflationary risks perceived by some commentators, it was underlying the increased burden of servicing the high debt of both the public and the private sector which constituted a drag on the recovery; and it was underlying the weak profitability of the banking sector. Needless to say, all projections are surrounded by uncertainty.
We’ve seen how negotiations can swing very fast from one side to the other. And as far as the economy is concerned, there’s still a wide array of risks. They’re moving towards a more balanced configuration, but are still tilted to the downside. For the first time in many years, we’re seeing a synchronised recovery of the world economy.