This is what we seem to be seeing now in some countries, particularly around Asia. Industrial production has risen quite sharply over the past few months, and in some cases has retraced a good deal of the earlier fall. The clearest signs of growth are in China, where our estimates are that industrial production had recovered all the losses by March.
As you know, we await the release of the Com-mission’s proposal on the SRM which is expected tomorrow, and I expect it goes in this direction. As to its institutional structure, the first-best option would be to entrust a newly established agency with full decision-making powers.