 So, hello, Mr. Constancio. Thank you for joining us today. Mr. Constancio, in the Financial Stability Review that was just published today, you mentioned a continued risk of a broad global repricing in all kinds of asset classes. What is your main worry on that front? You are right. This risk has been present for quite some time. But it has been aggravated recently, in particular after the US elections. And we saw a big dislocation of asset prices with a drop in valuation of bonds, increase in equities, and also a big appreciation of the dollar. And all these shifts can lead to losses and problems for investors and financial institutions. Will this trend last? It's very uncertain, of course, in particular because it is uncertain the spillovers of what will happen in the US economy to the rest of the world. We think that the effects on Europe will be mild, and so we are keeping the same baseline scenario for developments in the EU area, meaning a continuation of the recovery and the normalization of inflation with growth well above 1% next year, 1.6%. And inflation also above 1% and unemployment for the first time in several years, below 10%. So as you just said, there are quite a few political uncertainties that we're facing. You mentioned them in the Financial Stability Review. What are you looking at beyond the election in the US? Well, not so much ourselves, but the markets. The markets are concerned with the political uncertainty in Europe this time that is coming. There is the Italian referendum. There are elections in France, the Netherlands, and Germany next year. So all that markets are concerned. And that is introducing some volatility in financial prices. Well, the ECB has to look through this short-term volatility and then, of course, at the same time, be prepared as we are if more dramatic events coming from these possibilities will have economic shocks that we have to respond. We are certainly prepared to do so as we have proved in other times. In the Financial Stability Review, you also point to the persisting low bank profitability as one of the potential threats to financial stability in the Euro area. But obviously, beyond that, we also have structural impediments such as over banking. The banks have too high costs and there's a lots of non-performing loans in their books. On this front, do you expect any improvements looking forward into 2017? Well, we are well aware of all these factors because, indeed, the low profitability of banks in Europe are the result of many sources that you alluded to, non-performing loans, excess capacity in banking, non-adaptation of the banks of their business models, all that has contributed. There are many observers that put the blame mostly in the low interest rate environment. And let me say first that this low interest rate environment is not the result only of monetary policy per se, but it's the result of, in the real economy, having low productivity growth. But besides that origin, if we look to all the countries in Europe, we can find out that certainly the low interest rate environment cannot explain also everything, because we have, in particular, in Scandinavian countries and say in Sweden, a situation where interest rates are much lower and more negative than in the euro area. And in spite of that, the Swedish banks have a return on capital, a return on equity of 11.6%, which compares with the average of 5% of the euro area. And why is that? Well, first, they have low non-performing loans. It's true, but mostly also they have much lower costs. They have adapted their business models. So this is just to say that there are many sources of the low profitability and many reforms that are necessary. The situation has improved a little bit, because in particular, the average of NPLs has been decreasing since 2013, but it's still very high. What I think Europe needs is a joint initiative with a set of concerted policies in order to direct a address in a specific period of time, these big problems of excessive non-performing loans and excess capacity in several parts of the euro area. Thank you, Mr. Constancio. Thank you.