We thank the staff for the work put into the Report. While we broadly share the staff’s analysis, most of the policy recommendations have somehow been overtaken by the response of my authorities to the crisis, with bold and ambitious measures that had been under preparation for months and were adopted within weeks of the consultations. These measures aim at returning to a sound fiscal position and at unlocking potential growth through structural measures in both the factor and product markets. Financial sector restructuring and the labor market reform are crucial steps already adopted, but also products and services markets have been under thorough reform. We would call the attention of the Board towards the Update Supplement and to Section 2 below.