JCT: Let me first say that I would not make a prognosis or projections. Obviously we are not in a market that would be immobile; you have moves in spreads, you have moves in insurance premiums. You have moves also in the volatility that is observed, and we have seen corrections, we have seen tensions and corrections during the past months.
So the market functions well. That being said, the appreciation of risks in general that we presently see on the market might be interpreted as signalling that perhaps all the risks are not fully appreciated, fully priced. Again, I'm cautious and prudent, because this is something that market participants have, themselves, to judge.