Mr. Gabriel Makhlouf:

The Deputy is actually trying to hold me to something. As I have said in my statement, I am open-minded on the path of interest rates. We have made clear that essentially we are data dependent. We will look at the data and look at what is happening to the underlying dynamics of inflation and how it is being transmitted in the system. We will make decisions on that basis. Of course, the decisions we make are then translated by financial intermediaries, in particular the banks, into commercial decisions that are ultimately passed on to consumers or businesses. That of course is a separate issue. With regard to our own decision-making, at the moment monetary policy is restrictive and if we continue on this trajectory, I would expect us to see some change. It does depend on what the data ultimately tells us.