 Mr. Constancio, the European Central Bank today published the Financial Stability Review. In the review, what do you concur, what do you conclude to be the key risks to financial stability at this point in time? And then also, why are those key risks broadly unchanged given that economic activity is very well? Yes, you are right to point to that aspect, because indeed the situation of financial stability in the euro area has evolved positively, and that is the result of the fact that all countries are now growing, the imbalances, both physical and external, have been reduced, so the euro area is indeed stronger. The point is that there are still risks out there. The first and more important risk relates to the possibility of a correction in the prices of equities and bonds, which could happen as a result of a revision by market players of risk-premia in what regards bonds and a revision of growth prospects in what regards equities. These risks come mostly from outside Europe, and indeed where we see that these valuations are more overstretched is in particular in the US, and so we may have an exogenous shock. So that's the first risk. The second risk has to do with the vulnerabilities of the banking sector in Europe, namely those related with relatively low profitability of our banks, which is related also to legacies of the crisis, but also to financial shocks and structural problems of different nature of our banks. Indeed, as we point out in the financial stability review, the resilience of the euro area is now much higher. Our situation is stronger, so more prepared to sustain shocks that may nevertheless occur. So listening to you, do you think or consider asset prices to be overvalued at present? I mean, the spreads in the global bond markets are compressed, meanwhile the stock prices are on the rise. So what's your evaluation there? In Europe, we show for the different asset classes that the equities in Europe still indicate a cyclically adjusted price earnings ratio, which is an indicator of potential overvaluation, is still at the level of historical averages. For bonds, our different models to analyze and value bonds show that these valuations are correct according to fundamentals, and the same is true in what regards residential real estate, meaning housing, and in what regards commercial real estate, there is a little bit of overstretched valuations, but in general, that situation does not portray a situation of generalized risk of overvaluations. In Europe, we may be subject nevertheless to contagion if there are indeed shocks coming from the outside. There is no generalized situation, but there are pockets in certain regions, particularly big cities, in what regards housing, where we see some buoyancy of prices, and that has been addressed by macro-potential policies by different countries. So you're saying that there are no signs there of overvaluations, but overall we see that volatility overall in the markets is almost abnormally low. So what in your view would it take that the fluctuations, that they start increasing? It is true that in general, all these markets, particularly equities and bonds, show very low volatility, and that is, if we look to history, is a situation where many times in history suddenly a trigger will increase volatility and then meaning the correction of prices that I mentioned at the beginning. That's the situation that could trigger this. Also if the economic prospects would say in the view of the market would decelerate in the US, that could also trigger an international shock, that could affect also volatility and valuations in Europe. It's not monetary policy changes because markets understand that the major central banks are going about a new phase of monetary policy in a very gradual way.