 Perhaps we have a little time to take a question, I see three hands, so madam, you were the first, please. Ilona Antoniuszian from Poland, but I'm working for Volkswagen and you were commenting on the electric cars policies around the world. Which is actually concerning me for the last three years, day and night. I wouldn't be so hard on IRA, the Inflation Reduction Act. Actually, I think it is a stroke of genius because it increased the speed of investment in electric car technologies. And these are gigafactory size investments each time, which is $5 billion, every one of them. So it is making a huge change because the big producers now started to invest quickly. You made the rush, which is actually following the rush from China. So the Chinese have a very stable support mechanism for electric car production and they have made a great industry out of it. So right now, IRA made it possible to make this kind of support, so actually following China in high speed in America, which made following by Canada, which made following by Europe. And right now, Europe changed so much the rules that I'm right now, I was able to work with the Polish government to establish in high speed, really great location parameters for gigafactors and we established one and we are looking for others. So I think, don't be so hard on the IRA, I think it was a good one. Marcus, do you have a response or a comment? Well, as an American speaking before an international audience, I have an obligation to be more Catholic than the Pope. So I'm very glad that you find IRA to be such a stimulus to important policies around the world. I agree. Okay, John, I know you're an American citizen, you don't have to be more Catholic than the Pope. Well, I must say, I've been struck by two things recently with regard to electric vehicles and I guess I should say it's been clear I own one, but I was struck in China how common they have become, how rapidly. You can tell because the electric and hybrid vehicles have a different color license plate than others and I was astonished at how common they have become. Given the, it wasn't obvious how developed the underlying infrastructure is and we know that China is on a very rapid process of building new electric plants that actually are not necessarily low emission. In the states, in contrast, as you probably have read, after an initial spurt of demand for electric vehicles, they seem to be slowing down and it's not, although the IRA contemplates some subsidies to things like charging stations. I suppose it's not immediately obvious that the consumer acceptance is going to be so rapid without also sustained and substantial consumer subsidies. So I think the future here remains a bit uncertain. Okay, thank you. Thank you very much, John. I had other questions over there. Did you get a mic? Yeah. John Alola from BBE France. Thank you to all panelists for your insightful deep dive into economic outlooks this morning. I find you discuss a lot about security, risk management. My question to you is, what is the good news? What do you see upside in the current situation for whom and where? I'm sure that I got exactly the question. Who could respond? Gabriel? If the question was worth the good news, I think there is good news. One is that we are not seeing de-globalization as was feared by many when the U.S.-China trade war broke out and with all these crises hitting. We see globalization as the economists put it. I think that's clear. But the global system, the trade system has actually been relatively resilient. The other piece of good news is, I'm worried about financial risks not yet fully materialized. But what we can say is that the first appearance of bank crises, the Silicon Valley Bank and these sort of things have been very well managed and contained. And there hasn't been any diffusion of those risks yet. I'm not sure whether we've seen the end of it, but that is good news as well. And the third piece of good news is that the subsidy raise that the IRA is part of it, that economists feel uncomfortable with, happens in the right area. Because what we do need is more investment in renewables, in electric vehicles, etc. And their subsidy raise is beneficial. If it was in steel or in, I don't know, in old fashioned industries, something different. But because we are facing a global common good here, or a bad actually, a climate change that needs to be fought. This investment raise is something that's positive. And so that's three elements of more positive views, I guess. Thank you very much. We are not only with bad news, but also good news. Gabrielle is eloquent on that. Let me say, Gabrielle, that I'm not sure that we will be always as satisfied with the behavior of the non-banks. For the banks, the reaction has been very effective. And in Europe, for instance, we had applied by the rule of the Basel committee and so forth and the G20. And so we were reasonably protected until now, as you said, you remain prudent. But on the non-banks area, as you say, we don't have seen all the consequences of the higher rates. Maybe, yeah. Just quickly, I think from an economic point of view, the good news is also that so far, despite the immense political tensions, political shocks, the world economy has been pretty resilient. And given the shock it went through. It's true about the economic consequences of the COVID pandemics, about the economic consequences of war in Ukraine as well. So there has been economic cost, but not that much compared to the gravity of the crisis. And I think it's good to emphasize that. The COVID crisis was a moment where vulnerabilities became more visible for the public. But I think that was actually a moment when these international value chains proved their resilience more than their vulnerabilities. Because within months, weeks in some cases, economic activity rebounded. Thank you very much indeed. I'm turning to our founder. It is 10 o'clock. Shall I consider that we went through all what we had to examine? Or have we got a little time more? No? So I understand that I have to thank all the panelists. They were remarkable.