In this process, large internationally operating companies have been playing an important role by importing capital, but also by transferring business management skills and know how and thus decreasing the knowledge gap to rest of the Europe. Indeed, a large proportion of trade is intraindustry and intra-company trade where a significant proportion of global trade runs through international production and distribution networks.
As you know, we look at the entire real estate market of the euro area, not particularly here or there, Spain or Ireland. At the level of the euro area as a whole we have a dynamic growth of loans to finance housing, namely 9.4% over the last twelve months.