The evidence is not yet universally in favor of a consumer recovery at the current time.

There is now a lot more confidence in the European economy. We've had exports expanding for a while, but now we have an expansion in the domestic economy which is promising for the outlook.

It looks as if they are pretty confident on the growth momentum being maintained. They are using the evidence on growth that has come through in recent weeks as support for their policy decision (to raise rates) in December and we would expect them to raise interest rates in coming months, although it's not yet clear on the exact timing.

The German retail sales data today is one of the pieces of the puzzle that do not fit exactly.

The immediate pressure is on the fiscal side. Until measures are taken fiscal pressures limit your options.

The transition for any young player into this league is something that takes time. He asks a lot of good questions and we watch his shifts together afterward (on video). Then the next time, it just becomes second nature.