Mr. Gabriel Makhlouf:

We will try to provide the committee with a note on the specific point. We have probably got more information of the euro area split as opposed to the Irish economy. However, it might be helpful to the committee for us to go away and address that point specifically. The only thing I will add is that the drivers of inflation in the euro area are different from what has been happening in the United States. That is something worth noting. Sometimes in the media inflation rates and monetary policy decisions are conflated, but there have been different drivers in each. We will try to put together a short note explaining that to the committee.