We are in the second phase of the recovery.

In light of the current economic and monetary development, inflation risks still exist.

But consolidation must take priority over any discussions about further tax breaks.

When we did our September forecasts, we were already in an environment where oil prices were high and were expected to remain high. So by and large, so far, the European economy is still on track.

In Europe at the moment there is still quite a strong slack in the economy. We've said that rates are still appropriate,

The high oil prices are surely not wholesome for the economy.