 Jean-Claude Tichier, welcome to WPC TV. You are former president of the European Central Bank and, of course, formerly a governor of the Bank of France. We live in interesting times, as the Chinese might say. What are the economic risks, if any, I don't want to presume, from a Trump presidency? Well, I would say first that what is important is to consider the Trump election, the Brexit, the rise of populism and nationalism in all advanced economy as a general symptom of a real, real message that frustrates people that are frustrated in our advanced economy are sending to their leaders. And we have to take that very, very seriously. If I want to sum it up, I would say they are more or less telling us, look, everything goes too fast. Could you slow down a little bit? The globalization phenomenon, could you slow down IT, the science and technology search? Could you slow down everything? Because we know it goes in the right direction, but it's too fast, it's too rapid, it's too abrupt, and it creates, of course, anxiety. So, again, we have to take seriously this phenomenon and, of course, the Trump election is more or less indicating that the new administration in the U.S. will at least not accelerate globalization, slow down globalization where it is possible. I think that it really means interruption of the present negotiation and no ratification of the big treaty of TPP and TTIP. Exactly. It seems to me that they are frozen for a certain period of time. I would say that it is certainly a pity from the overall goal of having, I would say, acceleration of growth, which is frankly... Could a slow down turn into a going backwards, a reversal to protectionism? My sentiment is that it is very unlikely that we would really go back-paddling because of the pressure, the legitimate pressure of the consumers in the advanced economy. They are probably ready for some kind of freeze of, I would say, the overall trade agreement. I'm not sure they would be happy with a back-paddling, which would mean, you know, every prices would have to go up and they would have a less flattering quality price value in their purchases. So, again, I think it's more a sentiment that things should not be accelerated. We will see. I mean, we have the man, Mr. Trump, seems to be a dealmaker, somebody who is very pragmatic and there is no doubt that they will take for real the messages they will receive from producers. It's already done, workers, but also from consumers and he will make probably a balance between the two. So, we will see. I don't want to dramatize, but what is very, very important is the message of our people and it is true everywhere in Europe, in the UK, in the United States of America, in all advanced economy. Jean-Claude Ticce, thank you very much indeed. It was a pleasure.