Mr. Derek Moran:

Brexit, Trump and a Europe that is not growing post-crisis in a way one would hope. The European Commission spoke of a fiscal stimulus of approximately 0.5% of GDP. There was a loosening of the budgetary stances of those European economies that can afford to do it. These would include Germany and other such countries. However, there is no policy willingness within the German context to do that, although it is the country best positioned to do it. Many other countries are still in a corrective phase and trying to get their budgets in order and so on. Therefore, we have this prolonged period of very slow growth within the EU combined with the uncertainty of Britain, which is the most dynamic of the bigger economies, moving out of the EU along with all the issues going on in Europe.