So very low inflation in the presence of economic slack is a dangerous cocktail. Is it possible that we are there already? What we say is that the risks of de-anchoring have increased, obviously. And that is why we acted forcefully. We have seen in some countries some signs of de-anchoring in wage formation.
As I have said several times in the past, for the long-term health of the industry it is important to generate greater scale and diversity. Diversification of the industry needs to occur over several different dimensions. In the first place, diversification is needed of the industry’s exposure to particular economic and industry sectors, such as real estate.