We expect the pace of rent inflation to increase gradually over the next couple of years. The vacancy rate has declined over the last year, and newly advertised rent growth has increased. However, it will take some time for the flow of new rents to materially affect the stock of rents captured in the CPI.
Across the euro area, we see about two dozen large banks which constantly outperform their peers. They are based in different countries, they are of different sizes, and they have different business models. So it is not about a single successful business model. It is about the whole set-up of how to do banking today.