How concerned are you about the mood in Europe and the lack of trust towards European institutions? We see elements of a negative spiral whereby European citizens don’t trust European institutions and governance, while at the same time it is necessary to strengthen them to provide a solution to the crisis and put the euro zone back on a sustainable growth pact.
European institutions jointly have to break that negative spiral and to create enough trust so that European citizens will feel comfortable and then they can deliver on addressing the sources of the crisis. We have to turn that negative spiral into a positive spiral.