*  *  *  Ladies and Gentlemen, Since the second half of 2008, we have witnessed the deepest economic downturn since World War II and the fastest deceleration in inflation since the launch of the euro. We have confronted this situation with unprecedented decisions. Unprecedented has been the magnitude and size of interest rate cuts.
This has been a particular issue for machinery and equipment investment, because this category of investment spending is more sensitive to demand conditions. Dwelling investment is also expected to be weak in the period ahead.