Herr Gaddum gives his views on the challenges facing European central banks in the light of EMU Address by the Vice-President of the Deutsche Bundesbank, Herr Johann Wilhelm Gaddum, to the 32nd Conference of the Governors of South-East Asian Central Banks in Bangkok on 13/2/97.
So, that is a risk. Similarly, some sectors such as consumer durables and automobiles are doing very well, while others are sluggish. Again, this suggests a narrow set of drivers and there are risks inherent in that. We do not overplay the risks, but we cannot ignore these either.