 Big Data changes our economy and it's fundamental working because markets at the core of our economy, of our market system, markets become much more efficient and produce more sustainable results because they bring buyers and sellers together much more precisely than before. So it rewires and then reinvigorates the market through Big Data and then that means that money and firms have less of a role to play in the future. So think about how your parents bought a vacation. They went through a catalog and picked something out of the catalog hoping that the pictures and the description wouldn't completely lie. And then it would go on the vacation and if it wasn't a horrible experience they would do it again next year because the risk of trying something new was too high. Today if we book a hotel or a vacation we look at dozens of filters, we read reviews online on the platform, we look at photographs of guests that have taken pictures there. We go to Google Street View so we have enormously more data available to make our decision and that means our decisions are better than those of our parents which means we're happier where we are. Those companies that have already understood that data rich markets provide enormous capabilities have invested a lot to become data rich markets. Amazon is a data rich markets for products, Google is a data rich markets for advertisements, same with Facebook, Uber is a data rich market for mobility and transportation and so on. So what it means is that there is a small catter of digital superstar companies who have become data rich markets and doing that they have become super profitable. And that means a concentration on the market, lack of competition and therefore a problem for the economy. I worry that in the EU for a long period of time we have played the subsidiarity card very well that is to say that every country can have a slightly different legal regime even if only slightly different. That actually is not good because it reduces our power as a continent to speak with one voice. The moment we speak with only slightly two different voices other companies are going to exploit that by locating for example to Ireland where data protection was lower or by switching to a tax regime where you have to pay less taxes they have done so. So I think we as Europeans need to speak with one voice if we want to compete with America. Money in our economy has two different roles to play. One is a store of value and a means of exchange we pay with money. The other is through money and price we inform each other on the market about how much we are willing to pay or how much we want for our products or services. We communicate through price and money on the market and markets need a lot of information and we have used price in order to enable us to communicate. But if we communicate now with data about the products and preferences on the market we don't need the money to communicate as much anymore. And so money's role will become less important and so the institutions of money like banks will become less important. Are you optimistic or pessimistic about big data in the future. So I tend to be optimistic about big data on even days but then I am pessimistic on odd days and it just depends on the day of the week. But what this means is that I feel an acute need to set the rules and the framework the context for our society in which big data can operate because left to itself. We may go to a dystopian future but with the right rules and regulations in place we can harness the power of big data for the human good.