Recommend harvesting the discussion from LoveToKnow. "Il n'y a pas de quoi" has the connotation of (in English) "don't mention it," "it was nothing," or "no problem," i.e., there is the suggestion that the performed act for which the "you're welcome" is offered hardly warrants the thanks given. This is used to affirm that the performance of the act was of little or no inconvenience to the actor. In other contexts, a different sense of "you're welcome" may be more suited to the circumstances.

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