The Impact of Interest Rates on Finance in Europe

I'd love to dive in a little bit deeper on this point that you mentioned about what the interest rate impact is going to be on specific sectors and companies. I think as you rightly point out to date, the main impact on financing has probably been more on the new deal side than on the actual sort of running of businesses with the higher cost of financing. But maybe we saved that just a couple of minutes. Before we go there, I want to switch gears a little bit and talk also about Europe, because obviously it's a very different environment. And also the reasons for inflation, you mentioned the broken supply chains as a key component in the US. I think in Europe, obviously,