Mr. Nigel Nagarajan:

-----that is where the AGS document has a number of recommendations to make. The second point made by the Deputy is that high levels of private indebtedness are weighing on the recovery. It is a point with which I definitely agree and the deleveraging in the private sector is weighing on the recovery. This also is a point that is made in the AGS and in the supporting documents. Consequently, I do not disagree with the Deputy in that regard. However, it is important to try to move the discussion on a little in terms of what practical measures can be taken at both member state and European Union level to try to support the longer-term investment that is needed in Europe. Consequently, some of the things that have been raised in both the AGS and the other documents that are coming out are trying to go along these lines.