Mr. Mario Nava:

One of the most well known pieces of production by the Commission is the so-called country specific recommendations, which touch on every country in Europe, and include many and different considerations of the specific economies looked at, including asset pricing. If the Senator's question is whether the Commission is looking holistically at the economics of all countries then the response is "Yes". However, it might be more appropriate to ask that question of the director general who signs off on the country specific recommendations when he is here in two weeks time. As a contributor to those specific recommendations I can say consideration is given to all those issues. I cannot as I said comment on ECB policy.