 Can I talk to Daniel now? I understand you will also elaborate on the emerging world, perhaps, and the developing world, but you have the floor. I have slides, but I'm not going to use the slides. I'm going to go very rapidly. Yeah, please. To a large extent, I mean, I'm seeing eye to eye with what Jeffrey has said. Not the very broad picture. In my view, we are increasing fragility of the institutional framework of the international arrangements for various reasons. The erosion of multilateralism, in my view, is not going to be short. Time-wise, it's going to continue. It may be that several blocks could relent resilience to the global institutional environment. But in the short while, I think erosion will continue. Because as some people said this morning, what's very uncomfortable for the Western world is losing supremacy in economic terms. And this is going to continue. And one understands why Trump is not on his own. I mean, it's the syndrome. It's much larger, much more profound. Is the global financial system safer? I have doubts about it, and I'll get back to it. Social cohesion is both in advanced countries, in advanced economies, and in emerging economies. It's under strain. And there is fragmentation. And this is going to be even more complicated in your area. Political legitimacy is a huge issue. And I think Ashok made a good remark in this respect. New technologies can bring about havoc, and climate change is also a huge issue. Increasingly central bankers pay attention to climate change. The most recent seminar at the ECB on macro-potential policy, the SRB, focused on climate change, the first panel. Now, I think that unconventional policies have ushered into a new global financial cycle. And as you said, I mean, the big question is how is it coming to come to an end? I mean, the new global financial cycle. Because there is a huge, huge rise both in public and private debts around the world. So how will governments and central banks, in my view, central banks will have to intervene again? And what we call now unconventional policies will be revisited. And including printing money. I'll put aside emerging markets. But when it comes to policy normalization, I would say I have a very hard time in believing that policy rates, monetary policy rates, will get back to the pre-crisis levels. It's not going to happen, even if the FAD has raised interest for the policy rates. I mean, when you say more than significantly, and I don't believe the ECB is going to go to such an extent with raising the policy rates. And not because only Italy. It's because of the state of the financial system. Now, is the financial system safe for nowadays? No, I'm not going to say the slides. Banks are better capitalized and less leveraged. It's true. But it is a very tough call to say that the global financial system is safer. Shadow banking has been on the rise, according to estimates made by the ECB and ESRB, more than 50% of the assets are assigned to the shadow bank sector, the so-called non-banks, which operate as banks and that's much less severely regulated. We don't have sufficient transparency as to operations of non-banks. Systemic risk evolve in capital markets, in my view, if I were asked, where is the next big shock going to come from, I would say, from non-banks, from shadow banking. And I'm asking myself, who's going to provide the land of last resort function in capital markets? We know central banks are supposed to do it when it comes to banks. But what about non-banks or big banks? We have the failure of a Swedish central counterparty. What if we'll have a failure of a very big central counterparty? Who's going to step in? So what I think is also quite dismaying is that there is a new wave of financing deregulation in the United States. Hopefully, it will stay small for small banks. But if it's going to be on a lower scale, that would be a historical mistake. Then we have the cyber attacks and so on and so on. Now, we're examining a few concepts. Low inflation can be very misleading. If external balances grow, then the country has a big problem. Financial markets do not distinguish between public debt and private debts. It's the overall external indebtedness of an economy. Trust and lack of trust is increasing. The lack of trust is increasing all over the world. What can trigger an additional loss of trust? Hidden vulnerabilities that come brutal into the open. We don't know, I mean, clear. What is the state of the European banking sector? We still have doubts about the size of NPLs. The erosion of a central bank credibility. Many central banks are under siege. And politicians attack central banks, including the Fed is under attack. So insufficient buffers, a country needs buffers to run very low deficits and the size of an economy. If an economy is very small, then I would say it's more fragile than a larger economy. And finally, I would say protectionism and erosion of multilateral arrangements can have a huge impact. I believe that there is an in-world-looking syndrome spreading around what you have alluded to. And politicians will have to respond. You cannot continue to tell people, yeah, you're not smart enough. You don't get it. The benefits are, how can you tell to a large number of losers that they are not smart enough, that they don't get it? I mean, this assures political stupidity. You cannot explain it to people at large. You have to do something. Public policy, I think we're blindfolded. We're wrong for a very, very long time. Now, a new global order, we have to see it. In my view, there's going to be several block-based, I would say multilaterally. We have to redefine multilateralities in terms of block-based arrangements. Brexit, I think we underestimate the impact of Brexit. If it's a hard Brexit, it's going to be very bad for Europe. Over that, we'll stay with us, and we should worry about over that. That's our larger than they were in the pre-crisis years. Income inequality creates tensions in society, and they fuel populism and protectionism. And we have redefined globalization, the way we understand globalization. And we have to have new policies. And finally, new technologies may destroy more than create jobs, at least in the short run. We should not bet very much on new technologies. And we see that there are limits to our models. Policies continue to navigate in uncharted waters. And I should say we have to pray, but I think we have to be much more pragmatic and still be prepared for unconventional policies. I would not refrain from asking central banks, if I were a central banker, to say it's the end of unconventional policies. Forget about it. It may continue. Central banks may continue to be the only game in town, central banks. Thank you. Thank you very much. I must say that let's pray is a very good conclusion, obviously, for all the very negative views that we have until now. I don't see too much optimism. So again, my dear Olivier, at the time, you'll have to stay.