let's continue our conversation with blackrock's philipp hildebrand. all european banks are created equal. blackrock invests in a lot of them. does it feel like it is starting to be a little bit better? or do you still have doubts? philipp: i was very encouraged by the unicredit announcement yesterday. frankly, this is the first case where we really see a radical reshaping of the business model to proactive and bold behavior. and that, to me, is a positive sign. we will see how to market rates head over the next couple of weeks. i think it is really the case now that we have been very thetrated in a sense at step-by-step change, rather than the significant change. this is a very significant moment, i think, in the kind of repositioning of the european banking landscape. a long way to go, but that is certainly good news. francine: it is quite brave, asking for 13 billion in this kind of environment. the share price was up. would he -- would they have done it if they had not thought they could get away with it? philipp: i think you have to do it. what th