Yes. Well, there were a few factors that weighed on growth in the U.S. in the fourth quarter, including hurricanes and other one-off factors. Importantly, though, at that time we did expect, and we have seen, the effects of the uncertainty around U.S. fiscal policy weighing on particularly business investment.
We expect to see a pickup in U.S. growth over the course of 2013. The biggest risk, though, given where we are here today, on the fiscal side, is the possibility that sequestration is left untouched in the U.S., which would take about another 0.4 or 0.5 percentage points off U.S. growth this year. That's a fully multiplied number, if you will, from our estimation, and that would be straight off the top of U.S. growth.
That said, we do see a very constructive evolution in the U.S. housing market, in consumer balance sheets and corporate balance sheets, and we see underlying activity in the U.S. picking up over the course of this year. That's our expectation.