 I want to thank everybody for this precious place that we learned to appreciate in the last two or three years, the time since we introduced the Sintra Forum on Centre-Making. First of all, I should congratulate all of you who have made it in the last 10 years. Thank you very much, Philippe, and also on my side a warm welcome. I will keep my remarks short because I will just echo two, three points that Philippe made. The first is indeed congratulations for having made it and for being here. It's really fantastic to see all of you. The second is indeed what we wanted to do with this student session, but also in general in Sintra, is to bring the young economist part a bit more centrally in Sintra. I mean, Philippe and I have worked together also last year and the year before on Sintra and we saw this young economist part as something that we should nurture and develop much more because we do see you as future intellectual leaders, so to speak, or leaders in terms of research. It's great to have you here, to have also the opportunity to exchange a bit. The third point that Philippe made is dialogue. We want today to be interactive and also in fact the next few days, so we hope we have many occasions to talk. So you showed a chart at the beginning that showed that low interest rates, low policy rates, weren't flowing through much and this was largely attributed to banks taking high margins. But I guess that begs the question, why banks take high margins? Maybe you mentioned this as well, but I was wondering, you're saying that asset purchases are injecting liquidity that is flowing through to real lending, but could this be banks taking more risks in their real lending, which is not necessarily bad, but they're just charting high rates reflecting the high risk? And I'm also doing oversight of payment systems, which is more about the plumbing, but nevertheless quite important. So maybe I can just, if I may, follow up on Roberto's answer on forward guidance and consistently with what Roberto said by the way, we don't see our forward guidance as a commitment to an outcome. Enjoy the conference and good luck for the prize.