christian sevin, europe is now almost entirely dependent on capital markets , usa in my view the situation remains difficult with persistent inflation, interest rates will continue to rise both sides of the ocean and will remain high for longer than many expected and i am still convinced that there is a risk a mild recession by the end of this year and the beginning of next year in the us as well as in europe. you see that germany is already in a technical recession since july last year, the european central bank raised interest rates 8 times in a row, yes , christian sevin added four percent. this makes loans more expensive. now there are problems with already issued loans. this applies to households with their er, as it were, congestion, increased significantly in mortgage payments. tomorrow loans. payments have increased exponentially. this applies to firms in the service sector in trade in industry, which in turn were credited previously under very low rates european central bank, had a zero rate, and now this rate is more than three percent. but it turns out that hmm. and it doesn’t m