We have unchanged confidence in an early recovery in the States despite the fact that we are aware of the unresolved issues [indiscernible] the term deficit, the fiscal cliff come to mind. And yet our ambitions are unchanged in establishing ourselves firmly in what is going to be the most significant single market for our industry for a long time to come. Obviously, we are still in line with most observers that the emerging market world is going to show above average growth. However, we have to be aware that adjustments will also occur in certain regions.Taking all of this together, it is no exaggeration to say that we are faced with fundamental challenges, which we are prepared to accept. As a result, we have to go through quite dramatic adjustments in order to become one of the winners as the crisis is unfolding. We have looked at other megatrends, as we call them, that paint a slightly different picture, that give us more hope going forward. And while we adjust to the prevailing fundamentals, we do not want to lose sight of the fact that there's life after the 3-year period, which we address. We chose that period to make sure that we have a fairly good grasp of what we might have to anticipate. And at the same time, it's long enough to effect changes as they come through. So some of these megatrends will give us new opportunities. Urbanization will mean that a new class is emerging in a limited number of places around the globe that will foster the development of new financial markets, which will give us opportunities unheard of in the past. Something that raises eyebrows and creates problems from a different perspective, i.e., the demographic changes, will also provide us new opportunities as the wealth creation and the preservation are proving to be challenging for our clients, and we will have to offer solutions.