Over the past two years, domestic demand has on average added more than a percentage point to GDP growth, supported by very accommodative financing conditions. By contrast, net exports, which were a key growth engine for most of the crisis period, have barely contributed to GDP growth since end-2013 as the global environment has deteriorated.
As I said, the leverage limit is implemented using European regulations. As part of our decision-making process, we notified the European Securities and Markets Authority (ESMA) of our intention to introduce the measures. ESMA's formal advice to the Central Bank is that the leverage limit is appropriate to address the concerns relating to the stability and integrity of the financial system.