 Welcome everybody. Today the ECB released the financial stability review. We now have with us the Vice President, Vito Constancio, and we're going to ask him a few questions about this. Mr. Constancio, thank you very much for joining us. You looked at the sustainability, at the current situation, the economic situation in the Euro area. What are the key risks that you found? Well, from the point of view of financial stability, our general indicators that we use to measure systemic risk have improved yet again. And indeed, since 2012, they show these improvements. There is nevertheless, both in Europe and in other parts of the world, a disconnect between the situation of financial markets and what is going on in the real economy. And indeed, the situation of low growth, low inflation and high unemployment is underlying all the risks that emerge in the financial sector. And actually, that would be my first question. This first key risk that you identified, this abrupt reversal of the global search for yield, why is that such a risk and who exactly is exposed? Well, the risk is, of course, when that happens, it means that the prices of financial assets goes down, which means that the investors face capital losses as a result. And that may create vulnerabilities in their balance sheets. That's the risk. And of course, we look to the institutions that hold most of those securities, and banks have been reducing their balance sheets also in what regards securities, so that they are not the institutions that face the more significant risks from that possible development. It's more other institutions like pension funds, insurance companies and investment funds. And just going back to the banks where you said it's actually more investment funds now who hold these types of securities, but actually as a second key risk, you identified the weak bank profitability. And is that not something after the comprehensive assessment people could think, oh, that's being taken care of, but what are your worries there specifically? Well, of course, the comprehensive assessment was essential to take care of the capital position of the banks or the robustness of their balance sheets. They are now in a much better place and will be in a much better place. But the question is that at the same time, due mostly to the weak economic situation, their profitability is suffering. But it's also the result of the fact that the weak economy increases the non-performing loans. And so they have to face costs with the provisions. And these will tend to improve now that the comprehensive assessment has ended. They don't have to be so protective. And we hope that their situation in terms of profitability will improve next year. And as a third large risk or major risk, you've identified the sustainability of sovereign debt. Now, some countries have reduced their fiscal deficits. Why is this still such a concern for you and sovereign bond yields have also stabilized? So what are your concerns here? Well, as we point out in our financial stability review, that third risk has a much weaker probability than the other two. So it's less important. It's more distant. It's a possibility, of course. And again, it is linked with the situation of weak growth. Because if indeed there is no growth and inflation is also low, it is more difficult to sustain the debt. That is true about sovereigns. It's true also about private indebted families or firms. And that's a concern because the continuation, the possibility of a continuation of weak growth in Europe can indeed raise again concerns about the sustainability of the debt. And we've mentioned sort of the three key risks that the financial stability review has identified. Is there maybe something else that is also a cause for concern and that possibly causes you the one or the other sleepless night? Well, I would quote the underlying economic situation in particular in the Euro area. Because indeed we face now a low nominal growth, which creates all sorts of effects that I already mentioned related to the financial risks that we see. And this situation accompanied by iron employment is really, for me, the major cause of concern. Because we have to find ways to get out of this situation and have some growth again. Otherwise, the economic and social fabric of Europe will suffer and we already see signs of that. So it's vital that all authorities in Europe assume their own responsibilities in what they have to do, what are their competencies, what are the policies they are responsible for in order to have a joint effort that can indeed overcome these environments that is putting problems and concerns to the whole European project. Thank you very much Mr. Konstantin for your time and thank you very much for watching us.