Lagarde: Reviewing our forecast from June 2023, we expected average growth of 1.8% in 2024. Now, our expectations have been lowered to 0.7%. One of the driving factors behind this delayed recovery is weak export growth, largely influenced by the competitive challenges faced by businesses in Europe. Households are still saving a disproportionately high amount of their income and are cautious about consumption. One of the reasons for this caution is that many households perceive the growth of their real income to be far lower than the measured data.