The reaction to the Italian elections has been more or less the same as it has been to other elections, to other major political events, where most observers were foreseeing sharp corrections or high volatility. That’s what it is at this point in time. That’s not to underestimate the fact that protracted instability may undermine confidence.
As I said before, anything that undermines confidence is negative, has a negative effect on both inflation and output. This was when I was discussing trade measures, but it applies to all kinds of contingencies. I’d like to ask a question about Germany and reform.