 Mr. Constancio, the Financial Stability Review talks about improved economic prospects. How confident are you that the indicators that this positive trend will remain and to what extent could a slow down in danger financial stability in Europe? Well, the euro area is undergoing a phase of good growth, which last year was indeed very significant, and there has been talk about a slight deceleration of growth, which comes from people just looking to the quarterly figures, one quarter over the previous quarter, and there was a deceleration in the first quarter of this year. But if we compare the first quarter of the year against the first quarter of last year, the growth rate of the euro area was 2.5. And for the whole year, our staff projections indicate a growth rate of 2.4 for 2018. So I would submit that the economy is still on track to materialize the scenario, which is the baseline scenario that we have in our projections. So we were expecting, nevertheless, a slight deceleration after the very good year of growth that we had last year, so it's not a surprise. And I see no reason to change our baseline scenario. Just now, of course, we are attentive to data. Many things may always happen. But so far, I would say that growth continues to be good, and that supports financial stability, as we say in our financial stability review. Earlier this year there was turmoil in US stock markets, and government yields have been rising. This has created turbulence in emerging markets, and also there's talk of a trade war. How concerned are you about these recent developments, and in how far does this uncertainty impact the euro area financial stability? Well, there is great concern that I share in what regards the potential increase of trade tensions, or even a trade war, if it would develop as far as that. Let's hope not, because all countries would lose in such a scenario. But that's a risk that is out there. Also we mentioned that there are risks of corrections in financial markets, because risk-premia and term-premia in particular are very low, both in the US and in the euro area. And indeed what we saw in February was just an episode of this potential volatility of financial markets coming mostly from the US, where certain valuations are somewhat overstretched. And indeed what can endanger the continuation of recovery in Europe is some external shock that could derail the development. Because if something happens coming, say, from US developments, and then with impact in emerging markets, then there will be also consequences for the euro area. So that's the main risks that we highlight, particularly the risks of a correction in the bond markets. Mr. Konstantinov, this is the last financial stability review under your watch as ECB vice president. How resilient do you see the financial sector in the years to come? And what do you think, in your view, what do you think the focus of the ECB should be? Well, first let me say that indeed, as you just reminded, it's the last FSR during my mandate. And let me say that I like very much this last issue of the FSR. I think it reflects very well the high quality of the financial stability department that the ECB has. And that's good in this issue. There are also some innovations that I like very much, particularly we introduce two new flagship indicators of systemic risk, which I think will be very useful going forward. The financial system in general, as we already spoke about, is in an improved situation in many respects, but there are vulnerabilities that we also underline in the FSR. Well, regarding the banking sector, there is still a situation of low profitability, which requires many adaptations in business models of our banks. And in particular, for many of them, the continuation of the reduction of non-performing loans. They did well last year because the banks went even beyond the targets that had been agreed with the ECB bank supervision, but that has to continue and the intensification of supervision will certainly continue to exert pressure in that direction. And that's very important because in terms of capital, the situation is much better than before. The common equity capital ratio on average is 14.3. Let me remind you that in 2007 it was just 7%. So this reflects a big improvement in the robustness of the banking sector. But there is indeed the profitability issue, the change in business plans, the improvement in the operational conditions to implement those business plans, taking into account the need to digitalize, to reduce costs, to be attentive to cybersecurity. All that are tasks for the future. Another important segment growing sector of the financial system is the sector of asset managers and investment funds. Where what we see is that there has been an increase in the maturity mismatch between assets and liabilities. So liquidity risks are building up and that has to be monitored because that could be an amplifier of a potential correction in markets. So that's very important to continue to observe and also to propose recommendations as we have done that some intense supervision and regulation should also take care of those risks. But overall, overall, it's important to highlight that there are in the euro area no general over valuations in asset markets. There are pockets of some overstretched valuations, something that we will continue to monitor, I'm sure, in future financial stability reviews. Thank you very much.