 André, you have the floor. I would like to focus on the state of the global financial industry 12 years after the crisis quickly. The US is in very good shape, actually. The US financial system is in good shape. There's no question about that. Europe, we have a problem. After 12 years of regulation, or thanks to the CFS and Basin III, the balance sheets of the banks are in very good shape. The income statements are terrible. Today, the market value, the market cap of the major European banks is well below their net book value. Negative rates don't help at all, of course. So they are squeezed between regulation, which has been very, I think, slightly stronger in Europe than in the US to be, to understate the situation. And this credit situation, which is very difficult. I remind you that in Europe, the banking system supplies 80% of the financing of the economy against 20% in the US. So it's very important in terms of the European economy. Second point, we're facing, I say I'm no longer in the banking system, I'm on the boards, but not involved directly. The revolution which was started in 2008 was also the first iPhone. Today, we see a number of so-called neobanks, which raise huge amounts of money trying to do the Amazon thing in banking. In other words, you get customers, you lose money for that, and you raise hundreds of millions of dollars and hoping that one day you'll make money. An example is N26, a bank which was started in Germany, now has a European license and just announced three and a half million customers, losing money all the time, of course. So the French banks and the European banks in general are really squeezed. I'm worried because they're the ones who supply funds for their growth. Two, they're cutting staff significantly, which I think they have to do. Three, they have to live with a legacy of computer systems which did not anticipate the smartphone. So we may have overshot to some extent in terms of regulation. If you add to that anti-laundering measures, I just counted that in a small bank, around the world of a small bank in France, 12% of the staff is used only on money laundering and regulation questions, 12%. So the banking industry has never been very popular. In that case, I think there is a risk that it has a negative impact on the European growth in the next few months, actually. Thank you very much. Three minutes, I'm sure. It's true that what you said, 80% or 75% of the financing in Europe comes through banks. In the US, it's only perhaps 25, something like that. The idea that markets are much more reliable in time of crisis than banks is a wrong idea, of course. Liquidity can evaporate for markets and creates absolute blockade of the financing of the US. And then, of course, you have always the possibility for the central bank to reconstitute liquidity on markets massively. It is what happened clearly in the last crisis, and it might happen in the next crisis, with a lot of, of course, drawbacks and major difficulty. But thank you very much, André. Indeed, I think that what you said for the French banks is true for all European banks, I guess. And what is the most striking, but we have German citizens in this working party, is that the most important GDP by far of Europe, the most important exporter of Europe, the most brilliant economy of Europe in terms of competitiveness, has a banking system which does not correspond at all to what we should normally observe. But we will perhaps discuss that with the German friends.