 Mr. Konstantio, the ECBS today published the May 2017 Financial Stability Review. What are the key risks to your area of financial stability? Well, you know, the world economy and the European economy are growing stronger and that's good also for financial stability. Nevertheless, of course there are always risks and the risks are resulting from the fact that since September last year the prospects of higher growth and in the end medium term higher inflation led to a big change in financial markets. The investors started to buy more shares and less bonds which led then to the increase of price of shares which in some parts of the world, not Europe, are already overstretched and bonds saw their prices go down and that's the main risk that we highlight in our financial stability review because this decrease in the price of bonds implies losses for the institutions and segments of the financial system that are the holders of such bonds. At the same time, this decrease in the price of bonds means an increase in market interest rates and that's another element of the risk. The second risk is connected with the still low profitability of banks in the Euro area as a result of still low nominal growth and some structural issues that we face. Third risk has to do with the further stress resulting from the burden of servicing the debt as a result of the higher market interest rates and that puts challenges to a debt sustainability both to the public sector and to the private sector, the agents that are more heavily indebted. And finally, we highlight a risk that has subsided which is the liquidity risk in the non-bank financial part of the financial system because there is a growing mismatch between the maturities of assets and the maturities of liabilities. The next two years of Brexit negotiations will be marked by a lot of uncertainty. How come you're so optimistic when it comes to its impact to Euro area financial stability? Well, the point is that of course Brexit is very significant for the UK but in view of the relative size it's much less meaningful for the rest of the EU. For instance, the rest of the EU just exports to the UK 4% of total GDP and trade is not going to disappear with Brexit. Then if we look to financing coming out of London for the firms in the rest of the EU we see that total bank financing coming out of London represents only 1-2% of total external financing of the economic agents in the rest of the EU. And many of the banks that are providing such financing out of London are banks that belong to countries in the continent and which means that they can easily substitute the financing that they are now providing out of London from their headquarters in the continent. And at the same time we already see that even third country institutions that operate in London are also starting to relocate to the continent. So this relocation will continue. Regarding capital markets in London where there are significant capital markets the issuance of debt or equities in London by firms of the rest of the EU represents only 10% of the total issuance of debt and equities of such firms which again is absorbable it will not disappear altogether firms will continue to issue in London as they issue in New York of course there will be a reduction that can easily be absorbed in the rest of the EU. And that's by the way why it is very important to quickly develop the project of the capital markets union because it becomes more necessary with Brexit. And indeed these is something that look all together to all the factors that I mentioned means that Brexit can really not harm significantly the ongoing recovery in the Euro area. Thank you.