Mr. Sebastian Barnes:

The Deputy's concern about the regional dimension is valid. That is something we mentioned in the report and think about. Because of the nature of the sectors involved, there may be a big impact on regions and that might make things particularly difficult. That should condition the way in which policy is designed. It is different to have difficulties in a region while everywhere else is booming from a region where everyone has been affected. That is important.

The actions of the ECB are on two fronts. One is through supporting the banking system and the ECB has taken important measures to keep open the supply of credit, particularly to corporations. The other part is the ECB's support for the public debt market in the euro area and that is one of the factors keeping interest rates very low. In turn, that is one of the factors protecting the Government's ability to borrow and create the fiscal space to undertake stimulus packages and the policy measures that are needed. The ECB's role in this has been very important on the banking side and how it feeds into Government spending because the Government is borrowing money to spend and the borrowing conditions are determined by the ECB.