I have already referred to this process on other occasions, so today I will not go into further detail. I only insist that this process not only has an institutional and regulatory dimension but also it requires a multi-annual and binding programme that ensures the reduction of the public debt to GDP ratio, while setting a limit to the growth of public expenditure.
Well, there has been modest growth, and all the indicators say that it will continue like that in the advanced economies for many years. But some people in the United States think there is a risk of a leap in inflation. There are always risks but I don’t think this will be a problem for the euro area for some time to come.