Mr. John McCarthy:

The euro area average is in the late 80%s; between 85% and 90% of GDP. Obviously there is a large amount of dispersion within that. Greece and Italy are at 130% and 180%, and then Estonia is at 10% or 15%. We are below the European average, but if we look at it as a percentage of our preferred metric, GNI*, we are still at 100%, which is too much.