C.  Uncertainties about the outlook  The outlook I have just mentioned is the scenario for economic activity and prices considered to be the most likely by the Bank, or the baseline scenario.
Let me clarify that in the context of next year’s stress test exercise the reflection of its outcomes will be of a qualitative nature. A possible impact – if any – will be indirect, via the SREP scores on Pillar 2 requirements. But let me stress as well that this is not the end game.