You mentioned trade tensions as a risk. But can
you elaborate how you think the return of Donald Trump
to the White House and his plan to impose tariffs
would alter the outlook for growth and inflation in the
Euro area. Trade is obviously an important element.
And as part of the drivers of activity going forward
, we obviously have consumption and investment, but we
also have trade and any restriction, any uncertainty,
any obstacles to trade matters for an economy like the
European economy, which is very open trade trades within
itself, of course, but trades also with the
rest of the world. So any hardening of the
barriers, the tariffs, the additional obstacles on that
possibility to trade with the rest of the world is
obviously a downside.