Euro area real GDP increased by 0.6%, quarter on quarter, in the first quarter of 2017, after 0.5% in the last quarter of 2016. Incoming data, notably survey results, continue to point to solid, broad-based growth in the period ahead. The pass-through of our monetary policy measures is supporting domestic demand and has facilitated the deleveraging process.
2 There are two important points worth highlighting: first, it’s a single code for the whole industry and second, it’s a global code. It’s intended to cover all of the wholesale FX industry. This is not a code of conduct for just the sell side.