I think there is very broad agreement in the Governing Council of the ECB that a high degree of monetary accommodation will remain needed and that's irrespective of the trade war or anything we've seen recently. That's because the economy and in particular the inflation in the eurozone is not yet where we want to see it. Monetary accommodation will remain needed but we'll see a change in the mix of our instruments. In particular as we come closer to the point where our medium-term inflation objective is met, I would expect the role of rate guidance to be strengthened. We've been clear on that. In terms of the models which you must be running that a trade war could affect as well and could affect Europe as well, those models would've been run at the ECB, I'm sure. What are they saying? 1/3  BIS central bankers' speeches  They clearly say that a trade war would have a damaging impact on the global economy, more so in the US and more so in economies which are either very closely related to the US or are deeply integrated in global value chains. The impact on the eurozone would be less and it all depends on how this conversation on trade will evolve and we don't know yet. That's why I'm saying we should look through it. Does the ECB have the tools, though, to negate the effects of a trade war if indeed the worst ramifications do happen?
And of course, as we have found ourselves needing more data to do our job, banks have found themselves having to report not only more data, but also more granular data. We try at all times to be mindful of the 2/4  BIS central bankers' speeches  reporting burden that banks have to bear. Regular merit and cost procedures are applied to new data collections. More recently, we have started to hold public consultations on proposed new statistical reporting requirements. This will help to ensure all stakeholders have the chance to express their views. Cooperation also helps us to make reporting more efficient, which in turn reduces the burden on banks. And here, we have worked on two fronts. With the ESCB Integrated Reporting Framework, we aim to aggregate and harmonise banks’ reporting requirements. With the Banks’ Integrated Reporting Dictionary, the BIRD, we support banks in organising their data with a view to reporting it more efficiently. Towards this end, experts from national central banks work with experts from commercial banks to define the data and data transformations needed to comply with the reporting requirements for AnaCredit and the Securities Holdings Statistics. So, banks that choose to participate are being helped to do a job they would otherwise have had to do on their own. Cooperation with institutions beyond the ESCB has also been vital. The members of the ESCB and the European Statistical System partnership have worked closely to ensure the production of complete and coherent European statistics.