Mr. Gabriel Makhlouf:

It is working at present. It has not worked in the sense of past tense but it is working. We are projecting inflation to come down. That is for a combination of reasons. One of them is clearly that energy prices are coming down, but another reason, in my view, pertains to some of the decisions we have taken. Inflation is clearly too high. That is the point. We are not finished. It is not over. Although headline inflation fell in December from November, core inflation in the euro area, which excludes food and energy, actually went up slightly, showing us that it is not over. Does Mr. Madouros want to come in at all on this?