the fiscal space that they still have and most of them still have, and by using appropriate macro prudential tools to deal with volatility of capital flows and any high domestic credit growth. let me again give you a few numbers here. our forecast for 2012 are for 8.2% for china. 6.9% for india. 3% for brazil. these are roughly the same numbers as we gave you in january when we last met. and our forecast for russia is 4% which is higher than it was last january. if you turn to developing countries, for example, for s subsahara frooik our forecast is for strong growth at 5.4%. now putting things together this forecast implies, forecast for world growth of 3.5% for 2012 improving to 4.1% for 2013. you may ask how does this rethe light our forecast as of last january and as of last september. it's about 2% higher than our forecast in january, and about .5 home runs lower than they were in september. now, let me turn to the risks. so geopolitical tension affecting the oil market is surely a risk. but the main risk remains that of another acute crisis in europe. the building of the so-called fire

financial markets, then i want seems to me that countries in which this happens should use the macro prudential tools they have to actually address this issue but this is not for temp cb to do by itself. the ecb should not be concerned about inflation in germany as opposed to inflation in the eurozone and so this is my answer. >> the woman over there, the lady in blue. right there. >> i have a question on the outlook of italy. you present a figure that is 1.9, minus 1.9 for this year. and i would like you to elaborate on the reason why it's going better and why it remains the worse performance in the eurozone and what should be done to close this gap? >> we've mode ratedly revised up the outlook for italy relative to january and that's mainly because tensions in financial be markets have eased somewhat and also because the global outlook is slightly better than what it was in january. now, it still remains the worst, one of the worst performances in europe. 2012 will be a very difficult year for italy because they are implementing rightly a lot of fiscal adjustment and this is what is weighing