*  *  *  Since the low of 2013 it has been Germany and Spain that have been delivering slightly better economic data and yet, in recent weeks, what we have seen is perhaps they have come off the boil a little bit.
Italy is still not really knocking it out of the park but doing a little better than expectations, and France actually surprising to the upside a little bit. Do you think that tells us now that the periphery economies and France are as competitive as Germany?