We have unchanged confidence in an early recovery in the States despite the fact that we are aware of the unresolved issues [indiscernible] the term deficit, the fiscal cliff come to mind. And yet our ambitions are unchanged in establishing ourselves firmly in what is going to be the most significant single market for our industry for a long time to come. Obviously, we are still in line with most observers that the emerging market world is going to show above average growth. However, we have to be aware that adjustments will also occur in certain regions.Taking all of this together, it is no exaggeration to say that we are faced with fundamental challenges, which we are prepared to accept. As a result, we have to go through quite dramatic adjustments in order to become one of the winners as the crisis is unfolding.
Deutsche Bank AG - Analyst/Investor Day
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