The Impact of Banking Disruptions on Regulation

In Europe, the feeling is that even though it was also affected by what originally happened in the US, Silicon Valley Bank and some other regional banks, but if you look at it overall, European banks actually remain quite resilient. So I'm not sure whether they're already contemplating additional regulations. But I think what we see in the US without going too much into the details, but you know that what happened there is that the regional banks, those banks that have been now commented under pressure, they actually had been to some extent deregulated. They've been taken out of some of the tougher, the most stringent regulation that were applied to the larger banks. And I think that's now backfired