 Jacob Frankel, thank you very much for being with us. You are a former governor of the Bank of Israel and you are the distinguished chairman of J.P. Morgan Chase. International. International. A simple question. We seem to be in almost a permanent low interest rate situation. What are the implications for central banking and for economies in general? Well, indeed the process started already seven years ago when in the midst of the crisis all central banks together adopted very dramatic measures along with governments. Nobody at the time thought that those unconventional measures will last for so long. There are some good reasons for it, but the reality is that now at the end of 2015 there is greater recognition, definitely in the United States, that it's time to exit. One of the reasons is not because people choose higher interest rates because they like it, but because having a very long period of time in which interest rates are so low, create some distortions and have and has some unintended consequences, in particular because of the nature of the financial markets. People who have been savers are now facing a situation where their savings are yielding lower returns. They will start chasing for higher yield. Which means greater risk. It means greater risk and it also means that some of the activities that they will gravitate towards will be in areas that are less regulated and therefore the risk is not only higher but occasionally not always fully perceived. Let's put it in one general way, especially in areas like housing. Bubbles normally occur in environments of low interest rates rather than high. Therefore, once the authorities, especially the Federal Reserve, recognize that the economy is sufficiently robust, they will be delighted to start raising rates and it will be so. But you are also, I think, the head of an organization, the group of 30, basically former central bankers. What can you do about this? Well, we have just issued a report which is called the Fundamentals of Central Banking, Lessons from the Crisis. One of the messages in this report is to central bankers, please don't throw the old textbooks away. They will prove useful. Of course, there are some new chapters. It will be a waste if we did not incorporate the lessons. So the key principles are first, price stability is still the major element of the mandate of central banks. That's the best way that central banks can contribute to sustainable growth. But the recent events have also demonstrated that this is in itself not good enough. You also need to keep your eye on financial stability. And financial stability is central and therefore central banks need to be given the instruments to deal with it, like macro prudential tools. All in all, it has to be done in a context of independence from the political setting and also transparency and accountability. Once this is in place, I believe that the long way will be... I mean, is there a role for the WPC in this? Because you have a... There are central bankers here, ex-central bankers. There are politicians or academics. What do you think the WPC can do? Well, of course, the WPC is an extremely important organization exactly for the reason that it brings together the private sector, the public sector, bankers, central bankers, officials from all over the world. And the domain of the integrated world is all over the world. That's the story of globalization. So by the more you interact, the more you increase the understanding about the way in which the world economy and the world geopolitics operate, the better is the contribution that you make. Diego Franco, thank you very much. My pleasure.