 I understand, I will say, I should say a few words about the global economy, the global situation with a focus on Europe, and maybe a few words about what's happening in banking. The economy, in Ben Pepe, we are not negative and about the global economy. We even could be positive. The U.S.? Good. In my poor English, I would say quite good, which in New York should be very good. No, it's good. It's good. You know why? I could go to details. Simply, I tend to look at the real economy. There are many voices which may say that maybe there are questions, and we understand why, because if there is a change in the toughening of the monetary policy in the U.S., that could have an impact. But it's not the case today. And once more, the American army is doing well, and hopefully so. We are very confident. We are positive. Asia? More difficult. More difficult. Why? Mainly because China is adjusting. I've spent quite a lot of time in China since the beginning of the year, when they are twice. I've had many discussions with Chinese leaders and business people. And of course, China is adjusting. And they need to adjust, and we know why. There are overproduction capacities. There were some bubbles in the real estate sector in Shanghai market. Their currency was probably too strong. Last August, they had to say at the time they may have thought that the dollar could become stronger, that they didn't wish to randomly be to follow that trend. Rightly so. So, China is adjusting. It has an impact on the Chinese growth, even if I'm absolutely comfortable on the fact that they will deliver between 6.5 and 7% rate growth a year. But they are adjusting, and that has an impact on the economy, on the global economy. As a European, the region for which I'm the most worried is the Middle East. The situation in the Middle East, for the reasons you know well, is difficult. There are tensions, political tensions, religious tensions, profound disagreements, war, at least in two countries, and refugees. And I'll come back to this later. But of course, this situation is by far the main concern for Europe. And on top of this, terrorism. And this is having, of course, a very deep impact. My country, Belgium, and all the other countries. So as a European, when I look at the global economy, I would say outside Europe, the region in which we have concerns is the Middle East. If you have questions later, I could come back to this, because this is an important point for us. Europe, better. We see a better growth in France, in Germany, in Italy, in Spain, in Ireland, driven by a lower price of oil. If there is a place for which a lower price of oil could have a positive impact, it's Europe. This is the case. Lower price of oil is driving consumption, higher consumption, which is once more positive. Germany is doing well. They are having better, more positive, I would say, wage policy supporting consumption and growth. And this is supported by the ECB, which has very forceful and positive policy, improving condition of funding of the eurozone. We need to see more reforms. There are reforms in Spain, and it does pay off. We see a group of reforms in Italy, which is positive. And in my country, France, just for the time being, there are debates about a labor code reform and labor market reform, which is crucial, because what do we need to do in Europe now? We need to increase confidence to attract investment. And a better consumption will lead to job creation if investors agree and team up and do support the growth trend. But Europe is better. So we have a rather positive view about the global economy, even if negative views may come from China, from emerging market countries. If some countries are in a different situation today, from our point of view, probably, if all of us, we work hard, the global economy will move forward in a more positive way. Now, on Europe, what are the main two challenges I see? The first one is Brexit. I shall not make any comment about Brexit because I'm in Dublin, so you know much better than I. And second, because it's up to the British people to make that decision. We know what is a referendum. We know the debate. We employ 8,000 people in London. We know it, but we are not part of the discussion. And we should not be. It's a democratic approach. It's part of the that's the decision of the British and they will make the decision and then we shall see. But that's a very important question for the next weeks. And I'm sure that in Dublin, it's an even more important question than for me. So you know better than I. The second debate we have is about the refugee and security. They are not linked. There are two different questions. The question, the German called the refugee question. In Paris, we tend to speak about the migrant question and words do matter. We don't see the story the same way, but it's going to have an impact and a big impact. I do believe Mrs. Merkel has taken a very good moral decision saying that she's ready to host, that Germany is ready to host a lot of refugees. It is being managed now and nobody should be naive. It's not easy to manage. She does it with Turkey. But of course, the refugee question is a big question for Europe. To go to my conclusion on Europe in a simple way, we need to be careful that Europe remains absolutely united. And of course, all these questions, Brexit, refugee, impact of terrorism, reaction at the border, capacity to put together immigration forces to do the job and police forces to do the job, openness to people, which is one of the values of Europe. All of this has to be put together and well managed by EU political leaders. This is crucial for this year. I hope it will prevail. Now, when I go to banking, which is more my world, we see massive changes in banking. It has started in 2008, 2009, at the time of the crisis. I will not speak about this in Ireland, much better than I do the banking crisis, but we see massive changes. What are the two factors which are driving changes in the banking sector in Europe? And by the way, it was needed. There are two factors, a flat interest rate curve. And now we speak about negative interest rates. It is driver simply because banks are losing income. Most of the banks are doing intermediation business. And when you do intermediation and you have a flat interest rate curve, you don't make money. So you have a question. So this is one of the questions. The other question is the new capital requirements, new regulations decided by the Basel Committee and now the SSM. A bank like Ben Pepe Baiba is being supervised by the SSM for more than a year. It is implemented. It works well. And we are very positive about this. But these two drivers, a question about the income from intermediation, on one hand, on the other hand, more capital requirements are putting the banking sector under pressure. And you see major reforms. Major reforms are happening. Consolidation in market shares are taking place. We can see it in the cross-border business, notably abroad. European banks are changing. There are probably some of them refocusing on domestic business and doing less at the global level. So this is what I mean by consolidation of market shares. The second trend we should see, and we don't see enough, is at a time banks are being reduced by these factors, which I think is the willingness or was the willingness of policymakers in Europe. We need to make sure that the capital market works well in Europe. And this is still in the making. There is the great initiative launched by the EU Commission of the Capital Market Union. This is an initiative, but it has to be implemented. It has to be implemented quickly. We are very positive about this. It has a lot to do with questions like solvency too. Probably more resources of insurance companies should be or could be shifted to the productive sector the way it is in the US. When you look at the American, the way the American economy is funded, it is not so much funded by banks but by long-term investment which are in the pension funds. And the pension funds finance the real economy. That could be quite the same. We don't have pension funds on the continent, but we have insurance companies. And we have life insurance, massive savings, long-term savings. And they should be channeled more to the productive sector, the corporate sector than they are today. The second big change we should do is promoting securitization. It is still very limited in the EU for various reasons. And there are questions about regulations, about attitudes, but step by step that should be done. What I mean is that the European banking sector is changing quickly. I'm quite confident you should remember what it was six or seven years ago that it has already changed quite a lot and it will continue to change a lot. You see many countries in which there are debates. Italy, Germany, Spain, there are debates. There are more fixing this type of debates now, but there are big discussions. So the European banking industry, the financial sector in Europe is changing, which I think is for the good. So what do we try to do? We try to do two things at the same time, which is creating a better banking industry, a safer banking industry, less linked with the governments, especially with a lower link through the sovereign bonds, which is not an easy task to deliver in many countries, but it is in the making now. So a safer banking industry, on the one hand, and on the other hand, a monetary policy, which is extremely accommodative to support the economy. So we need to put the two together. That's not always easy, but I think we do it reasonably well and you are seeing just now massive changes.