 Ladies and gentlemen, we are now back at the live stream and we are so fortunate to be able to interview Philips Röder. So I have some questions that we have received from the economist from the Eastern European office that we're going to ask Philip and see what his responses are. So Philip, how will the European market be affected if Britain leaves EU, if we have this Brexit as it's called? It's going to be a disaster for two reasons. I think it's worse for the UK to actually exit the Common Market in a sense. But what's really scary is that it might lead to disintegration of the entire European concept and nations like Denmark, smaller countries like Denmark or Bulgaria, that are actually really dependent on a single well-functioning market and if that disintegrates, it's a disaster for businesses across Europe. And why is it that the British people cannot see this? Why is it that they believe that Brexit is the right thing for them, do you think? I think it's a big mismatch and the Brexit debate is really that the UK as an economy understands that it matters to be part of a larger market. But they're also offended and scared of some of the other trends like migration, like tax evasion, other issues where it feels it could be comfortable to regain control of certain policy areas. But having said that, what you sort of overlook in the British debate is and the UK debate is that there's a high price to pay. That is future growth in the UK, which will slump. We're going to see a huge devaluation. We're going to see severe consequences for the UK economy. So how do you believe that the EU and the UK now should resolve this? How should we solve this issue? Well, first of all, it remains a horror movie until the vote is cast. In the case of basically a stay vote, this will still be damaged to Europe because it sort of has emphasized the ideas that you could exit. In the case of a no vote, we're going to see that major devaluation in the UK. We're going to see shop waves of economic turmoil across Europe. And worst case, in a country like Denmark, we might start a debate should we also opt for an exit? Because it's so easy to build anti-European arguments nowadays and it's so tough to argue correct the economics and business case for integrated Europe. Yeah. So one of the reasons why they want to leave the EU is because they believe that they can also have this free trade agreement with the United States. And currently, EU and United States are also trying to find a free trade agreement, the TTIP. So how do you think that this is going to fix into the problem? Honestly, I think that's a bit of a wishful thinking because if you think about it, the biggest challenge that you have in terms of integrating the UK economy is not free trade and goods. It's free trade and services. And it's unsinkable that the UK should be able to negotiate a proper service free trade, let's say with Europe, let alone with the US. And the structure of the UK economy is very service heavy. Just think of the financial district in the city of London. So basically why would anyone in Frankfurt accommodate special regulatory requirements from the UK? Obviously, if you would be a Frankfurt-based financial institution, you would do everything possible to avoid having the UK competition on that market. So to remain or gain access on services just like financial services, it's impossible in Europe and it's going to be even more difficult. Another critique of the European Union from Britain is that they simply put too much regulation on the standards of products, for instance, whereas in the US they have much lower standards. So how far do you believe that the Europeans should go in regulating standards for products in the European Union? I think the way forward in terms of regulation is a mutual recognition. So whenever US authorities say this car is safe for road transportation in Europe, we should say the same. And mind you, in one area there is this mutual recognition and that is in air traffic. As a matter of fact, an airplane that is allowed to land and start in the UK, sorry, in the US is automatically allowed to start on land and be operated in Europe. So if we can agree on mutual recognition in air traffic, why can we not agree on mutual recognition on the way seat belts are fastened within cars in the way that food products should be dealt with or let alone how insurance and financial systems should be integrated. So I think the biggest dilemma here is that there are special interests and fighting down special interests is much tougher than cutting tariffs. Thank you, Philipp. And that was all from the live stream here in the break. We'll see you when the participants arrive and when we'll have the panel debate. Thank you from here.