Thank you very much.
I'd like to move on to something else.
Inflation has been decreasing with no recession in sight so far. However, I would like to take you back to the early 1970s and try to draw a parallel. At the time, inflation had come down significantly, leading many observers to believe that it was under control, but then it shot back up. Some might believe that we are in a similar inflationary cycle right now. The inflation rebound in the late 1970s was due in part to an excessively loose monetary policy, with real interest rates remaining negative despite high inflation.
Given that markets are now anticipating significant reductions to key interest rates this year and in the near future, do you believe there is a risk that monetary policy will become too loose, which could lead to a similar inflationary spike?