And there is no real-estate bubble in Germany. Above all we have to take into account that the German banks are currently taking comprehensive measures to improve their profitability. These measures concern, first of all, the cost side. The planned staffing adjustments will bring a significant easing of the situation.
Before the outbreak of the crisis, the unemployment rate in this region was lower than in the median euro area region; today it is higher. Let me reassure you that such differences across regions, or across countries, do not go unnoticed in the ECB headquarters in Frankfurt.