It’s too early to tell whether what we are seeing in global financial markets today can lead to disruptions that can prompt a change in either our growth scenario or our inflation scenario, or whether this is a shift in global demand that would have to take place anyway and that can be managed in a smooth way by the international community.
It’s too early to tell. Just as an example, we haven’t seen the exchange rate of the euro going up significantly since the start of the current emerging market developments. We haven’t seen that much of a spillover effect on the euro zone so far, which is grounds for cautious optimism. What channels of impact are you watching?