When I say "global imbalances," I am referring to the large and persistent current account deficit in the United States that is mirrored by large current account surpluses elsewhere, especially in Asia and in many oil-exporting countries.
For example, one solution could be changing the composition of a portfolio of loans in order to avoid excessive risk concentration. But the results will also be one important input factor into our capital guidance. Let me also remind you that for the upcoming EBA stress test, the results will be published for banks that represent 70% of the assets of the euro area.