Fortunately, this is also expected to be reversed relatively quickly and is not a significant cause for concern. As already indicated, the increase in domestic expenditure led to a marked rise in the volume of imports during 2003. In the first quarter of 2004 the volume of imports contracted owing to a decline in the imports of oil.
As you know, on July 2013 the European Stability Mechanism (ESM) will take over the functions that are currently performed by the European Financial Stability Facility (EFSF) and  8  BIS central bankers’ speeches  the European Financial Stabilisation Mechanism (EFSM).