Let me say in advance that in the first few months we will talk a great deal about inflation, not inflationary risk. In my view, the conditions for a global inflationary spiral are not in place. However, this does not prevent us from stating that we will see a recovery driven by an increase in external prices and by the end of the adjustment in installed capacity at the domestic level in developed economies. We leave the rest to the decisions of the political class, amid the risks of protectionism and nationalism.
