Mr. John McCarthy:

The main reason is that we have seen a strong rebound in growth in the United Kingdom. Obviously, that has a large weight in the overall EU figures. The UK is generally perceived to be further down the line in terms of balance sheet repair. The UK was ahead of the curve in respect of monetary policy being more supportive of growth and so forth. It is a more flexible economy. The UK does not have some of the issues that arise in the euro area as a whole in terms of the fragmentation of financial markets or the debt overhang to which I referred. I will put some figures on it. For this year, the IMF is forecasting euro area growth of 1.1% and EU growth of 1.5%. The main difference between the two is due to the rapid growth in the UK.