We are now seeing the beginning of a strong recovery, which it appears may even be sustainable for a good while yet if we are prudent with our policies. This recovery is the logical consequence of the efforts we have made, but it comes at a price: it follows the restructuring of public accounts in European countries, which have kept inflation under control with a policy wisely intended to control costs and increase productivity in a Europe that has begun a vigorous restructuring of its own industries, banks and public services, even though this process is not yet complete and still has a long way to go.