Certainly.
It all depends on what your perspective and fiscal anchor is. If the fiscal anchor is over the medium term and the objective is not to have deficits over the medium term then the room is very limited. As we showed, after the measures introduced last week actually the room is negative.
However, we do a long-term analysis of fiscal sustainability that uses fiscal debt-to-GDP ratio as a fiscal anchor. That debt-to-GDP ratio is the current debt-to-GDP ratio.
Our analysis shows that if your goal is to maintain a stable debt-to-GDP ratio in the long run and the long run is a 75-year horizon, then you would have the fiscal room of 1.4% of GDP. So again it all depends on what the fiscal anchor is over what period of time. If it is a medium term then there is not room actually left in the budget. But if you have a long-term perspective, which in our view is actually a more appropriate way of looking at the fiscal room, to look at the debt sustainability rather than the annual fiscal balance, in that case you would have a larger room.