The most exciting thing is that we are now a modern and developed economy, integrated in a single European market, and we are a founding member of the European single currency. The most important part of Portuguese political stability is the fact that the two main political parties, which tend to alternate in power, have a common view over essential elements of policy. In fact, the markets, the economy, the privatization process, the European Union and the European single currency are the main elements of Portugal's economic policy. Portugal today is a country of low budget deficits. Our public debt came down dramatically in the last three years.
Inflation is now quite low.
The exchange rate has been quite stable since the early 1990s, and, because of that, interest rates decreased dramatically. The difference on July 22 was 32 basis points. This proves that the markets have anticipated a more stable economic environment, not only in Portugal, but also in the whole euro area. Stability is very important, but we have to combine stability with growth and employment. What is most relevant in the Portuguese context is our success in reducing the budget deficit and the inflation rate, complying with the requirements of a single European currency, and still increasing our growth rates.