My second question would be on the market expectation about the rate hike. Economists were saying that the market has not fully absorbed your new forward guidance. Perhaps you can tell us more about it and why the market is wrong to expect a rate hike already by next year. Lagarde: Thank you very much. Actually, we talked about inflation, inflation, inflation.
That has been a topic that has occupied a lot of our time and a lot of our debates. We went I think in-depth into analysing the factors that are driving inflation. We looked at, obviously, what is happening now, which is clearly of concern, particularly to citizens of Europe, but we also looked at the medium-term outlook that we have.