Professor John McHale:

Certainly the advice is to make sure the 3% target is met. In terms of planning the fiscal adjustments and putting them in place, which is what we were focused on, we believed that it was right to pursue the plan for the €5.1 billion adjustment. If, as we get closer to the end of 2015 it seems that the 3% target can be met without the full adjustments that have been planned, I do not see a reason why we would not be able to support such an easing. I take the point that it could have probably been better dealt with in the report.