So we are seeing that the pace of growth has become more moderate, but we are not seeing a turning point. We remain confident in the strength of the economy. 1/9  BIS central bankers' speeches  After all, the things that are currently holding back growth seem to be temporary.
There was the early timing of the Easter break, there was a strong outbreak of flu in some parts of the euro area, there was cold weather and there were strikes in some countries. All this weighed on growth, but it won’t do so permanently. We need to keep a close eye on all this, and we will.