Nevertheless, private consumption has been recovering steadily, albeit moderately, due in part to positive effects of the decline in crude oil prices, and exports have shown signs of picking up thanks to such effects as those of the depreciation of the euro. Against the background of those factors, a further slowdown in the economy has been staved off.
The strengthening of the effective euro exchange over the past one and a half years has certainly had a significant impact on our low rate of inflation and, given current levels of inflation, is therefore becoming increasingly relevant in our assessment of price stability. At present, risks of deflation, which would of course make the deleveraging process harder, are quite limited.