We're heading into the summer: all the summer activities, whether it's transportation, whether it's hospitality, whether it's vacation, all of that is going to go well. So, that persistence is to be expected in the short run. There will be remaining persistency going through into 2024. It declines in 2025 and we have not revised upwards significantly for 2025 because we believe that other elements will kick in, which will reduce inflation numbers – unless risks were to materialise. But under the baseline, the indirect effect of energy costs will continue to fade. You can still find them in prices, but it is going to gradually fade out. The same goes for food. We expect the persistence of inflation to gradually fade away. As much as it persists, we will persist. You have delivered quite a strong message about wages, and I'm a little bit scared. Has the risk of an inflation spiral increased since March? The second question about the projections: if 2025 is not acceptable, do we need to see 2% inflation in 2024 for the ECB to consider that the objective will be achieved in a timely manner? Or what is exactly a timely manner? Well, first of all on wages: we are not seeing second round effects. We're not seeing this wage price spiral.
I would like to ask you what do you need to see for core inflation actually coming down so it may give you the possibility to pause or to skip – or whatever you want to call it – in September? So, what needs to happen? Then I have a question on the financial conditions. You are saying that they are forcefully tighter. What would you make rethink that it's enough when it comes to tight financial conditions? I wish I could give you the very simple answer where I say when we are there and when financing conditions are such, and the tightening has reached that level for corporates, for mortgages. But unfortunately, it doesn't work like that because what we know is the target that we have – which is price stability as defined by the 2% medium term – added to which we want to be confident that it stays at that target of 2%, which is why duration matters as well. But it is going to be a factor of those three elements that we will be looking at. So, it's the inflation outlook, which is every month, and every three months in particular, informed by all the new financial and economic data that we receive. It's the underlying inflation and the dynamics of it. I can assure you that we look at multiple cuts and subsets of inflation to arrive at what is the corest of the core. We don't limit our review at core; we go further than that.