 Monetary policy in the Euro area, and this will not surprise you, will remain patient, persistent and prudent. The ECB Forum on Central Banking is very important to understand or to help us understand what central banks can do to achieve one of their primary mandates of price stability. The discipline here, so next question, next question. My question is to you, did you try also to look at migration in global mobility of labour as a variable? Central Bank makes policy based on the current available information. This is a global conversation, so the fact that the ECB once a year here in Central basically invites the world, invites the international central banking and research community is very important. Here we have a number of research scholars, research papers that offer different explanations including mis-measurement issues, including issues related to pressures from globalization as economy is now much more globalized, and we see that in our countries as well. We've had some spirited debates in the last couple of days around price and wage setting in advanced economies. Central banks talk too much to markets, who killed the Phillips curve? My main takeaway from the forum is that we're all struggling with the same issue. That is why wage inflation is so low, and the fact that we're all struggling with the same issue suggests there are global factors at work, that's globalization and technology. I would say it manages to deliver great atmosphere with a very impressive cast list.