 Mr. Constancio, you just released the financial stability review. If you had to choose one key risk currently existing to financial stability, which one would you choose? Naturally, I pick the first risk that we highlight in the financial stability review, which is the risk of a further revision and increase of risk aversion in financial markets, which would imply further declines in asset prices of financial assets and increases in the medium and long-term interest rates. This sort of market turbulence would induce losses in holders of those assets, and that would be, of course, bad for financial institutions and for financial stability. The triggers of this further increase in risk aversion can be things like further deceleration of growth in emerging markets, turbulence in financial markets in Asia, particularly in China, and all that can disturb markets and lead to those consequences. So it's indeed a risk, but we hope, high hope, that the confirmation of enhanced growth in the US in the second quarter and the continuation of growth in the Euro area will mitigate possible consequences and will reduce this risk. One of the main takeaways from this year's report is that you deem the Euro area financial system resilient, and you say it managed to ward off stress from both emerging markets as well as financial market turbulence. Now if you have to look back and say what is the main takeaway and the main reason that the financial system was able to ward off the stress. Yeah. The main points are, of course, related both to the increase in the capital positions of banks and in the solvency ratio of insurers. But one should not be complacent because indeed the challenge that the financial institution face in particular banks is a challenge of low profitability. Whereas profitability increased last year, the return on capital was 6%, which compares with just 3% in the previous year, but in spite of that, this is a level that is below the cost of equity in the stock markets. The picture is better for insurers because the return on equity of insurance companies is between 8% and 9%, which is more acceptable. Banks face several challenges resulting from the low nominal growth, which induces our low interest rates. Also they face a lot of competition from non-banks. The importance of investment funds has doubled since 2008. Also they have legacy issues of a stock of non-performing loans in several countries that have a consequence for profitability. The good point nevertheless, which is also well explained in our review, is that banks are adjusting their business models, are reacting to the situation and are trying to increase profitability to levels that will be more acceptable to the stock market. And finally Mr. Constancio, you also mentioned in the financial stability review that macroprudential policies are sometimes best placed to tackle country or sector specific challenges that may arise. Can you give me a hands on example of one country that introduced such macroeconomic policies and how that helped to stem one of the challenges and also how you at the ECB supported that country in what it did? Yes, indeed the macroprudential policies have become very active in Europe in general in the EU and also in the Euro area and that's very important because it's the way to respond and to contain pressure for increases in asset prices and to create instability. But there have been dozens of measures that have been taken but in Ireland for instance housing prices had started again to increase and then the measure of putting a limit to the percentage of the total credit to housing that the banks can have with loan to value ratios and loan to income of clients that would be above a certain level. This introduction led to a reduction of the growth of credit to housing and to a deceleration of housing prices. The whole application of these instruments is very active now in Europe. With ECB we have the legal competence to top up or increase make more strict stringent whatever the national authorities decide. We have decided not to do so in all these cases because we keep a permanent dialogue with national authorities and we also have another function which is to analyze the spillovers of a measure taken by one country in the neighboring countries and indeed the macro potential policy is vital because it's the only way with a very accommodative monetary policy that we have to keep to really take care and contain of excessive increases in asset prices. Thank you very much Mr. Constancio.