Mr. Vasileios Madouros:

It absolutely is and to build on what Dr. Conefrey said, in terms of the overall macro stabilisation framework, monetary policy is set for the euro area as a whole. As regards domestic levers, we have fiscal policy but we also have financial sector macroprudential policy. One of the features before the financial crisis, which was partly related to fiscal reliance on the property sector, was unsustainable lending standards leading to unsustainable housing market dynamics and them feeding off one another. This is within our control. We have taken measures, such as the mortgage measures, to guard against the re-emergence of some of these dynamics. The different macro stabilisation levers have different objectives but fiscal policy is really critical for a small, open economy in a monetary union, as is macroprudential policy.