What is sure is that there is still a very dynamic growth in the overall financing of the productive sector which is not offset by a diminution of stocks and bonds issuance. 16. What is your feeling about the capital adequacy and the solvency of the euro banking system at present?
I think that the process of accounting and of recapitalisation is a process that is taking place both in Europe, the euro area and the USA. At the present moment, all the information we have suggests that recapitalisation of banks in the euro area is in line with the amount of losses displayed. That being said, we have to be constantly alert.