One has to say that in the UK there has been a visible slowdown of investments, so the investments have come to a halt. Germany of course is a big exporter of investment goods, equipment goods and Germany has been hit already today by the Brexitrelated uncertainties. So yes, I think the country is resilient. On the other hand, they’re exposed to manufacturing.
I think they can go through but it’s of course a more delicate phase in the business cycle for them. What about Italy? Praet: Italy is another case. It’s a different case. Italy is weak since a long time so Italy has a number of recessions before. They had I would say three recessions. They have a new recession now.