 Bailey, he's joining us from fake securities. Mark, good morning to you. Are we potentially on the precipice of the latest crisis for the EU? Good morning, Dean. I guess we kind of seem to be perpetually on that cliff edge for the last several years. I think in terms of the Austrian election, I think that's probably as least as important as the Italian referendum, as you rightly point out in terms of your introduction, that the far-right Freedom Party has got a very, very good chance of winning that election. And then, obviously, what that means for that country inside the European Union is still very much up for debate. But also, in Italy as well, also on Saturday, you have the referendum there in terms of the constitutional referendum, and you're trying to change the way that the Italian government is elected and how the different houses of parliament are represented and trying to make it a bit more stable in terms of the government situation there. But there's stories as well that I've read in the Financial Times talking about if Renzi does lose the constitutional election on Saturday, that has some major implications for the banks, and then, obviously, that feeds into the banking system inside the European Union. And then, you look to next year, and as you rightly point out, you've got the French elections, you've got the German elections later on in the year. Again, which, given what we've seen with Brexit and Trump, have the possibility of throwing up some kind of... What would probably be unlikely situations in terms of who actually comes to power there again, you know? And I think that's helping what you're seeing in terms of the euro, US dollar cross, in terms of some of the weakness on the euro side, which is obviously counteracted by some of the strength on the dollar side with Trump coming in, potential fiscal spending, higher interest rates coming through. Many, many moving parts. It's so interesting that it appears as if politics has become the new economics when it comes to market moves, determining market direction. But underlying it all, of course, is central bank action, which has been just so influential over the past few years at all as well. And we had over the weekend the governor of the Bank of Greece. Now, he's also on the ECB governing council, Yannis Storenas, excuse my pronunciation. We've got a quote, actually, to show our viewers, saying that it's far too early to consider the gradual removal of monetary stimulus. So, Mark, I mean, putting it all together, what does this mean for policy divergence? What does this mean, these comments coming from the ECB, when you've got this backdrop of political instability? Well, I think, again, I think it kind of reinforces where we are in terms of the divergence between Europe, which is potentially thinking about continuing quantitative easing and maybe extending that, or at least not tapering it into 2017. And on the other side of the Atlantic, you've got the US, which is probably in a more stimulatory mode in terms of the fiscal side of things, probably higher interest rates. So, tighter monetary policy there to try and potentially rein in some inflation that may or may not come through. But again, I think it highlights the risks inside that European Union in terms of the single currency. And, you know, who knows how that Brexit decision will go. I mean, Theresa May is still pushing for that end of March deadline. There was some 81 MPs in the UK that wrote to the EU president, Donald Trusk, at the weekend, basically asking for reciprocal residential rights for UK citizens in Europe and vice versa, that they want to get those sorted out before they even start and trigger the Article 50. You do have that Supreme Court starting to sit on, I think it's on the 5th or 6th of December as well in the UK in terms of sitting on whether they have to put that Article 50 through Parliament. The outcome is likely in the new year. So again, there's a lot of, as you say, political risks that are impacting the markets. But I think that's the right thing to do because at the end of the day, the central banks have to manage all those political risks. And I think in the European Union, it's certainly the case that you're going to see continued weakness, continued uncertainty across a whole range of countries. And with that backdrop, if you're a big business, how do you really start to invest? How can you say this is a capital expenditure plan for 2017 with certainty? So I think businesses, again, will become unsure and will pull back as they have done over the last few years in terms of capital decisions. And consumers will be wary as well. Yeah, it's so interesting because we do hear from Mario Draghi, the ECB president tonight. He'll be addressing European Parliament and his brief is to talk about Brexit and its likely impact in the EU. But obviously any talk of bond tapering seems quite distant. Also interesting is we get four inflation reports do from Europe's four largest economies this week. So again, really speaking to what you were just mentioning about business in Europe, what do you anticipate these inflation reports will reveal about growth in Europe? Yeah, I mean, I'd be very surprised if you do see kind of any kind of sign of inflation. I mean, the overall EU area for inflation is around about 0.5%. So it's not going to be anything, I don't think it's going to alarm the ECB in terms of where its policy needs to be. And I think it probably just reconfirm that there's just no inflation coming through in any of the major economies in Europe. And therefore that indicates that growth is going to be pretty anemic going forward into 2017, which again will allow the ECB to run a fairly lax and continuing probably some kind of monetary stimulus as well in terms of extending QE further into the future. And that's what I probably expect will be one of the outcomes on the next couple of meetings that we'll see an extension to QE or maybe additional bomb buying or different asset classes that they will target in terms of their QE going forward because I don't think you're going to see any kind of key risks in terms of those inflation figures that are due out this week. I think they're still going to show that it's very low, indicating that growth is still very, very low in the European area. And just very quickly, we did see bonds rise on a very quiet day on Friday in the US, obviously a shortened day in the wake of Thanksgiving holiday. When you look at US treasuries this week, is it going to be sort of the lead-up being dictated to the US non-farm payroll data on Friday or there's a whole lot of economic data on the horizon as well? Yeah, I think the key one will be that non-farm payroll data because I guess the key impact for US Treasury markets and bond markets, government bond markets more broadly will be the Fed decision next week and the key final hurdle that the Fed probably has to overcome is that non-farm payroll. So unless we see an absolute shocker of a figure, I think the rate hike in December from the Fed is pretty much penciled in. But I think in that run-up, I think you'll see all eyes on that non-farm payroll number and kind of all the other economic news will be a bit of noise, but the focus will be on that on Friday's figures, whereas I think the consensus at the moment is around about 170 for jobs created and an unemployment rate of around about 4.9%. But last week, in terms of the US Treasury market, we did see those yields rise for the third consecutive week, which is the first time that's, and in terms of the first time that's happened in a considerable length of time, and also you saw two-year and five-year yields briefly on Friday before retracing some of that hit five, six-year highs with 10 years at kind of highs that we haven't seen for a year. So market seems to be positioning for inflation higher rates, and that's certainly coming through in terms of the yield curve movement since the US elections. Certainly so, Mark Bailey, thank you so much for joining us, appreciate it. Thanks, indeed. Mark Bailey from FIC Securities there. I think...