 I don't open any discussion. I turn to the next speaker because I see that John is ready to intervene. Andre has the floor. Yes, thank you. In his introductory notes, Jean-Claude mentioned about the embedded negative risks for the financial system. Number five was cryptocurrencies. So I thought I might make a comment on financial innovation in general and its impact on finance. We're starting with cryptocurrencies. Looking at the numbers, they are not a systemic risk. The numbers look huge. Actually, it's about roughly 1,000 billion, so 1 trillion euros. That sounds like a huge number. Roughly one half is Bitcoin, one half is the other cryptocurrencies, Ether, and so on. But if you look at that number, it's only half the balance sheet of BNP Paribas. So, well, yes, I checked the number. So it's not a systemic risk. So it is a different kind of risk, of course, because of fraud, the mafia, and all this. It's speculators' money, basically. It's not money, by the way, because it's not a payment system. Actually, it's not really as secret as people think because if you want to spend it, the only way to do it is to go to a broker and get dollars or euros. So then you get into the system. Anyway, but looking at the financial innovation, I think there's another one which is very important, which started really in 2008 with the launching of the smartphones, which is payment systems. That's a major change because now electronic payments represent the major part of retail payments in every form, through credit cards, through your phones, through the internet, and so on. And clearly it's been an open field for the GAFAMs and, of course, for a number of startups in that area. The reason the GAFAMs entered that field is because, first of all, regulations for payment systems are not as strict as regulations for banks. As long as you're not a bank, you can operate. Second, they get huge amounts of data, and data, of course, is money for them because of the advertising which goes with it. The moment they get into banking, then they get an avalanche of regulation in many ways. So in a way, that's a barrier to entry to banking, which protects the banking system. On the other hand, the innovations are used by the banking system, going back to cryptocurrencies. As you know, they use a blockchain, and there's a number of cases of private banks using blockchains for their own purpose. So that is positive and negative. To conclude on payment systems, I must say that it is indeed a threat for retail banking, but all banks have joined the crowd in terms of offering that system. And also, as you know very well Jean-Claude, it gives ideas to central banks. And the code is C-B-E-M, central bank electronic money. So far, it hasn't been put in motion. Of course, bankers are really saying, if you really do it all the way, what do we do as banks? So it may happen, I think, from what I understand, but it may happen only to cover the problem of inter-bank, inter-country payments, international payments, for small amounts, which are indeed an area in which progress is needed. So it's a different subject from all the macroeconomics we're discussing. But it's a very important impact. Again, cryptocurrencies not a systemic risk, a moral risk maybe, criminal risk, but not systemic. And on the other hand, payment systems, a major revolution for retail banks, and not banks insurance, fund management, the whole financial industry. Yes, you did. André, you were concise and luminous. I have to say that as regards the cryptocurrency that would be issued by central banks, the BIS is working, like you know, very, very actively on that. I take it that they consider that a major constraint is not to destabilize the banking system, that's clear. So to try to have this electronic crypto money exactly as the equivalent of the notes, which of course calls for also for certain limitations, but it is the start will probably be in this domain and they are very close to start the thing. I mean, technically, of course, it has been totally explored. The blockchain that you mentioned is very well in order. And you have several concepts, you know that better than anybody, but there are many, many concepts that can be utilized. You were a little bit benign on the so-called speculative instruments. It seems to me that we really have a problem of fraud, of, I would say, illegal behavior, criminal activity, financing of terrorism and so forth, which remains underlying. And I hope very much that the authorities will regain control because there has been a period of benign neglect, which was over exaggerated. Anyway, okay, thank you very, very much indeed, André.