What is the ECB doing to protect us here in the euro area from a downturn? Once again, the US economy has achieved a different level of maturity. The country’s upswing started much earlier – years earlier – and was much stronger. But a recession in the United States would also affect us here in Europe.
Yes, but if you take a look, we have become much more independent. So I wouldn’t want to draw or confirm the same parallels that you saw in the economic cycles 20 or 30 years ago for today. The euro area economy is much more diversified in terms of partners, in terms of trading partners, and we are no longer quite as dependent.