In the middle are France and other countries that continue to recover moderately. It could be said that the eurozone has become a “three-speed economy,” but our assessment is that economic activity in the region as a whole has been recovering moderately. As for the outlook, the global economy is expected to continue recovering, driven by strong growth in emerging and commodity-exporting economies.
And yet at the same time, you always negotiated with a view to striking a deal – not just in order to put an end to regulatory uncertainty for the banks, but also so as not to impair the Basel process and the multilateral approach. You didn’t negotiate in a vacuum, but always had a keen eye for the ramifications.