The greatest risk at present is in regard to competitiveness. The appreciation of the euro in recent weeks will cause difficulties. We are still at a level which is, broadly speaking, lower than when the euro was introduced three years ago, but it is definitely causing difficulties. Ireland, in monetary terms, has appreciated by about 9% against its main trading partners and by more than that against sterling. As Senator Higgins pointed out, it is indigenous industry which is most susceptible to this kind of competitive pressure and that will start making itself felt if the euro continues to appreciate in the next few months.