 Mr. Constancio, today the European Central Bank published the financial stability review, the spring edition. What did you single out as the largest risk to financial stability? We are at four risks. The first one is a possible reversion of the movement of asset valuations, which could lead to capital losses. The second risk is the risk of weak profitability of many financial institutions in the climate of low interest rates, which affects banks, but also down the road, possibly insurance companies. The third risk is the risk related with the debt overhang in the Euro area. Not only public, but also private debt ratios are quite high. And the fourth risk is related with shadow banking, or rather the entities that are not banks but are also involved in credit intermediation in financing the economy, and in particular the asset management and the investment funds industries. You also, right now there's a really hot topic that is widely discussed, it's sort of dwindling market liquidity, or you may also call it sort of liquidity risk. You're also mentioning in the FSR that there's strong or sharp movements in markets such as commodities, forex, even European government bonds, which usually or tend to be very liquid markets. Now what are the root causes of this, and how are you addressing these? Well indeed, market liquidity, the facility to buy and sell in the market, has been decreasing particularly in the bond market. In what regards commodities and exchange rate market, the reasons are not related so much to liquidity, but to changes in fundamentals that justify the movements of those prices. You were mentioning sort of the trend setting, the financial risk taking, this is rather high currently, but then economic risk taking, and that's also what you're mentioning in the FSR, is not as strong as financial risk taking. Is that, are you sort of lamenting the fact that there is too little investment in the real economy? Certainly, and of course it takes time for what we are doing in improving financial conditions being transmitted to real investment decisions. Indeed, by promoting that in part with our policies, we are trying to reduce the cost of capital or the cost of financing for the real economy, for economic agents, households and firms to take expenditure decisions, either in consumer durables or in investments. And finally, I want to ask you quickly about one of the risks that you highlighted, it was shadow banking, last time around in the last financial stability review, you mentioned it, but it was amongst others, this time you singled it out as a separate risk. Why is that? Well, it's still a potential risk, as it is explained, but indeed what we are realizing is that the sector is increasing very quickly, and also another thing which is the main potential risk in this sort of segment of the financial system, which is that most of the liabilities are short term, and we see that many of those institutions are investing more and more in longer maturity instruments, in more illiquid instruments, and that creates potentially a problem of liquidity risk that has to be monitored, and indeed, if the necessity is justified, regulators will have also to address that potential risk down the road. Thank you very much, Mr. Constancio.