Fundamental principles still apply, however, and we cannot afford to overlook them. At the same time, new technologies and concepts offer an opportunity to add to these principles a set of techniques that could well change the way banks manage risk.
Furthermore, they should maintain the momentum towards a genuine Economic and Monetary Union, including the swift implementation of the banking union. Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP contracted by 0.6% in the fourth quarter of 2012, following a decline of 0.1% in the third quarter. Output has thus declined for five consecutive quarters.