philip hildebrand on the state of the economy, please. ip: look back at inflation as a global phenomenon. here, i definitely see signs, assuming we can get through this pandemic, that the vaccination strategies work, if you look through that, you will see we are probably underestimating inflation dynamic. we will see long-term effects, the shift to sustainability, which we think is tectonic and significant, that will tend to be inflationary. the rebuilding of global supply chains make it more resilient. it is likely to be inflationary. longer-term, as i looked through the short-term activity and volatility, i see an uptick in inflation. markets are pessimistic on europe. we see significant outflows out of equity markets. my guess is that does not change. europe has done some important things, most important, the recovery fund is dispensing significant fiscal resources in all countries, including in sustainability and net zero. i would not be surprised if the market will reassess europe in the weeks to come. francine: how could -- how quick