This part of the report explores why we have not had more of a slowdown and more job losses and why we have not been poised on the brink of recession. It gives various answers, one of which is the strength of the diversification that we have had into the biomedical pharmaceutical industry in particular, the strength of the housing market, the level of public investment and, perhaps, the very low interest rates we enjoy within the euro zone. The report's net point is that, in light of current circumstances, the economy is – one must not jump to conclusions – doing quite well to date.