 Hello everybody Just very briefly a couple of things that I'd like to say from a housekeeping perspective This will be filmed it will be on CNBC so just to make you aware of the fact that this will be a live event effectively for CNBC and Please feel free if you would like to Send messages out about this and you'd like to share this that you have a hashtag Wef wef 23 so please avail yourself of the opportunity to share any of the comments that are made During this panel or indeed the very fact that you are here at all. Thank you So a very warm welcome everybody to this world economic forum global outlook on the economy I'm my name is Jeff cut or I do a program on CNBC And I'm very grateful that the world economic forum has allowed me to moderate this very important panel that closes this key event this year now just briefly let me mention CNBC has interviewed through this last week over 90 CEOs and policy makers. We've been on various panels. I've been involved in a lot of those interviews myself and Probably the phrase that best describes the experience I would say of what I've taken away from this week is that investors and CEOs are increasingly bullish But they are not optimistic Now that sounds like a bit of a contradiction in terms doesn't it but here to discuss Whether they should be and how they should feel about the outlook from here Kristalina Gorgie Eva the managing director of the IMF Kristalina. Thank you very much who this week warned the world that the economies of the world are increasingly heading towards fragmentation and Action needs to be taken to stop that from happening Bruno Le Maire the French Finance Minister. Thank you so much for being with us this week Bruno Le Maire said that tax credits and subsidies could help Europe counter competition from China and the United States Particularly around green technology joint debt. I believe he thinks could be the answer To help meet the challenge of the inflation reduction act in the United States But we'll find out a little bit more about that as we go through the panel's discussion Christine Lagarde stay the course that has been the message from the ECB This week and we're very pleased to have Christine with us to tell us a bit more about that and Potentially what other challenges are out there for monetary policy in the eurozone? Harajiko Koroda at this morning the Japanese inflation rate saw 4% 4% that is the highest since 1981 It's been quite a week for the Bank of Japan governor who has been in the midst of a battle with the bond markets Over how he's managing yield curve control and monetary policy and just to let you know although I'm sure you are very aware this will be probably his His last outlook panel as the Bank of Japan governor. He leaves that position on April the 8th Larry Summers Larry Summers now in education of course, but former Treasury Secretary Larry Summers, I think Is starting to feel that there is a possibility That we might get something that looks a little bit like a soft landing in the United States He also I think has a view on China. It would be a staggering error I think Larry you've said for the US to try and suppress Chinese growth, so I hope that gives you a little insight on how our Key panelists feel about some core issues very briefly as we gather for this first winter Davos in Three years There's still a great deal of uncertainty about the economic outlook as we know growth has lost momentum inflation is Resistently and persistently high the cost of living living crisis is generating poverty and labor strife Central banks are tightening financial conditions energy prices remain high global debt is high and in some places is still rising And I haven't even talked about Ukraine and the horrible crisis in Ukraine the humanitarian crisis taking place there or really the state of the energy transition which we might also need to get on to here and so Kristalina should our audience be pessimistic or optimistic about the year ahead Well, stay put My my message is it is less bad than we feared a couple of months ago But less bet doesn't quite yet mean good Let me start from what has improved and why we have to be cautious What has improved is inflation seems to have Started leading in the right direction in other words down headline inflation in particular What has improved is the prospect for China? To boost growth. Let's remember last year 22 China registered for a first time in 40 years Lower great Grote rate than the global average never happened in four decades Now with the reopening of China we expect Growth this year to again exceed global average We project 2.7 percent for the world. This may be a corrected somewhat in a couple of days For China we project 4.4 percent and what also what has changed up in the positive is that we have seen demonstrably strength of labor markets Translating into consumers Spending and keeping the economy up Why we should be cautious Well first 2.7 if this is the growth we achieve By far is not fabulous. This is the third lowest growth rate in the last Decades after the global financial crisis and COVID. It's not great Second we don't know quite yet How inflation would march downwards. What if the good news of China? Growing faster Translates into oil and gas gas prices jumping up putting pressure on inflation and three the horrible war in Ukraine is a risk for Primarily the people of Ukraine, but it is also a tremendous risk for confidence Especially in Europe. So conclusion be Careful not to get on the other side of the spectrum from being too pessimistic to being too optimistic stay in the middle of Realism that seems to serve the world. Well, and if I may finish on the issue of fragmentation We would if we look at medium-term growth prospects How we handle? security of supply chains Would matter tremendously on our future prospects of growth if we diversify rationally The cost of this adjustment would be low We put it down to zero point two percent of GDP if we are like an Elephant in a China shop and we trash the trade That has been a engine for growth for so many decades The cost can go up to Seven percent loss of GDP seven trillion dollars. So a great deal of Whether we can lift up optimism depends on the people in this room Be pragmatic collaborate Do the right thing? Keep the global economy integrated for the benefit of all of us We were having just to give you a little insight into what happens inside the speakers room Ahead of this there was a relatively healthy discussion going on as to the semantics of when a we are not going to downgrade further Translates into a we may be more optimistic and we may be going to upgrade soon And I don't think you were tempted on to the turf that Larry Summers was trying to bring you on Which was at what point do you start thinking at the IMF about? Upgrading rather than saying we are not downgrading. Well, we we look at the last year We have downgraded our projections three times So not downgrading is already good news Whether we would upgrade And if we do so how much we will see in 10 days But I can tell you it is not going to be a dramatic improvement vis-a-vis what I'm projecting right now the 2.7 percent and Let's be very honest whether Germany Finishes 2023 with minus 0.3 percent, which was our October projection or they finish with plus 0.5 percent, which may be our new mean of the projection may go up to that level still for hundreds of millions of people In Germany all over Europe in the world When we are at this low level of growth It would be painful and let me send the biggest Caution I could today Label markets are holding firm so far But interest rates are yet to bite and if they bite more severely Then we can see unemployment Going up and it is very different for a consumer to have cost of living crisis and a job Then to have cost of living crisis and no job. So we have to be thinking of Possibly unemployment going up at the time when fiscal space in governments is very tight There isn't that much they can do To help people and yet they would be pressed to do it Christine then all the power to you If fiscal policy works against purpose with monetary policy, then you may have to tighten even further Larry Summers, I want to talk very quickly about the American economy given It has been the engine that's picked up as China's been in zero COVID and we always used to say You know America sets the interest rate China determines the growth rate, but in recent years That's not been quite so obvious, but undeservedly. I'm sure you you've got a reputation for being a bit of an economic grouch I think since secular stagnation and then of course last year you were talking a lot about how we're gonna have high unemployment and we're heading into recession, but as I Read your commentary more recently sounds like you might be coming round to the idea that maybe a soft landing Could be somewhat achievable. So did did team transit tree did team transit tree Get the causes of inflation, right? It just got the timing wrong. What do you think? I? Don't I don't think team transitory got it, right? I think there were Very substantial excesses of both fiscal and monetary policy Which needed to be corrected? markets assigned a probability of less than 1% to the interest rate increase as we've seen over the last year a year ago and That was because they underestimated the need for central banks to catch up which central banks have done We're experiencing some exhilaration of relief In Davos hyperpopulists lost elections and accepted their defeat Europe has not frozen Recession has not Come China has adjusted its policies towards the world and Inflation has decelerated Those are all positive Things and reasons why we should feel better than we felt a few months ago But relief must not become complacency Inflation is down But just as transitory factors elevated inflation earlier transitory factors have contributed to the declines that we have seen in Inflation and as in many journeys The last part of the journey is often the hardest and that's true with respect to a return to the inflation target the greatest tragedy in this moment would be if central banks were to Lurch away from a focus on assuring price stability prematurely and we were have to we were to have to fight this battle twice I've been encouraged by the things that I've heard Madame Lagarde say that I have heard Chairman Powell say about their determination I've been encouraged by what I have heard Governor Corotas say in quite different context, but We have to carry through Because if inflation were to be allowed to surge back that would put not just price stability Not just standards of living for some of the lowest income people at risk But also pose very substantial risks to cyclical stability at the same time we need to remember both within our countries and Around the world the importance of those who have been Left behind and who are bearing the greatest burden from all of these Necessary adjustments and that too is going to be crucial in the years ahead and I would pick up on something that I think Kristalina Said that I think is very important as she warned against Fragmentation and I think Davos is a particularly important place to make the point that I'm about to make global integration must never be a primary cause of local disintegration if That global integration is going to continue with all of the benefits that it can bring that implicates every policy issue from the treatment of the debts of Many countries facing substantial debt overhangs to the challenges in the smaller cities and rural areas of all our industrial Countries if people are to feel part of a successful Community, I believe there is great positive potential in this moment I've been doing this for many years and there has never been a moment where I have been so impressed By the potential of Technology whether it is green technology biotechnology artificial intelligence and information technology to make Things better for all the world's people But that will only happen with the right kind of political and financial Foundation Since since you've said that let me go to this straight away because I know at least Bruno LeMair will have a view on this It was said on on our set I think in one of the interviews if we're gonna have a trade war over anything Let's have a trade war over green Transition technology because if it's going to stimulate the brightest and the best in a race For new technology that helps the transition then that's not a bad thing But nobody actually wants a trade war. How do we get through this row going on between Europe and the United States? over the inflation reduction Act well, I would I would have respectfully I would distinguish between a Subsidy war and a trade war a Subsidy war about very good things is basically a good thing Walling off each other's innovation is Basically a much more problematic Thing and so yes, I would like to see keep markets open And I think that is hugely important I think in its totality the inflation reduction Act in the United States is a historically positive measure in its detail I think there are certainly and I would be in the direction of Bruno problematic aspects, but look if we are all competing over who can Accelerate a transition towards renewables more rapidly Who can be the biggest leader in storage and transmission? Technologies that is a very healthy kinds of competition relative to all the kinds of competition The world has Seen so yes, let's compete on that But let's compete by how hard we try and how much we subsidize Not by how we wall off others or try to take down Others we need to win in a positive some way by building ourselves up Rather than by seeking to tear others down and if we can do that I do think there's enormous potential in this moment Well, so we'll cycle back to this in just a moment Minister if you don't mind because I think perhaps that the one Huge macro story of last year that we need to also talk about here is the reopening of China So I'd like to bring that into the discussion and we'll come back to the issue of Ira in just a moment And Christine Lagarde if I might bring you in on this because look I know you are determined to tackle inflation in Europe This week you have again stressed your desire to do that But can I ask you how does the reopening of the Chinese economy at this stage? complicate the ECB's analysis of the Inflationary headwinds that may emerge. Are you modeling for this already? And if so What are you coming up with in terms of conclusions about whether there may be a secondary impulse From China's reopening on the inflation front and how that may extend how long you need to keep rates rising Thank you so much and and good morning to to all of you I would like to first of all make a small observations The situation around the world must be improving a little bit if you hear so many competent talented economists say Not as bad as feared or not so bad. Maybe not yet good, but Improvement add it to which, you know, our economies and key players are moving from Defense mode which they had been collectively sometimes in 21 and certainly in 22 to competition mode as Larry indicated So something must be getting better and certainly better than what we feared initially 22 was just a weird weird year when you look at it In elasticity of supply no real Big engine for growth. If you look at the GDP numbers, it's totally, you know counterintuitive Growth in the united states 1.9 percent growth in china 3.3 percent growth in europe 3.4 percent Those are not usual numbers. This is not the normal ranking that you have So we are now heading to a year where hopefully the corporates the consumers The state policymakers will continue to have that resilient determined approach in order to engineer the transitions That must take place whether it's digital whether it is green whether it is inclusive In order to make sure that the most fragile countries in the world benefit from those innovations as larry referred to But we have to also stay that course of resilience that we observed in 22 So stay the course is my mantra for monetary policy purposes No question about that But I think other players must also do the same thing and they must do it in probably a more subtle way than they had in 22 The fiscal support that was expanded in 22 for instance must be Better directed better targeted must be made such that it is not going to push the monetary policy actors to having to do a bit more as Kristalina earlier Ron alluded to so in all that china is waking up again after you know Assessed to be 3.3 percentage growth. It is now forecasting 5.5 percent Growth and we should welcome the auspices of those commitments And it is a case that the covet policy is the change of this covet policy will kill a lot of people But we'll also revive the economy and that's clearly a determined choice that was made by the chinese authorities What impact it will have on all of us in terms of added demand addressed to the global economy Is something that will be a positive for china most likely will be a positive for the rest of the world But will have inflationary pressure on many of us simply because The level of energy that was consumed by china last year was certainly less than what they will consume this year The the amount of lng that they will be buying from the rest of the world will be higher than what we have seen And there is not so much spare capacity in terms of both oil and gas So that we will have complete elasticity in there. So there will be constraints There will be more inflationary pressure coming out of that added demand in commodities and energy energy in particular And yes, we do try to model all that I think that the the the economist profession has been put under huge pressure Whichever team they belong to Because there are lots of things that models try to do but modeling uncertainty and taking into account certain factors that have simply Never happened in the poly crisis environment that we faced was was tough I think our honor is to acknowledge that and to try to do a better job in the future Just refocusing um back in europe. Is there a chance that um euro dollar back at 120 could Persuade some members of the governing council perhaps to temper their rate outlook or adjust their rate outlook I didn't see 120 this morning. Oh, no, we're not there yet But I mean the trend if the trend is really your friend Then then maybe uh, we are going to see a stronger euro, which would would ease some of the inflationary pressure perhaps But that's an economic mechanical impact that we all know about the the central bank does not target an exchange rate And obviously we take into account in our measurements and in the impact that it has on inflation the variation of currencies Well, it was worth the try that was a perfect politically correct answer Carota san Let me let me be very blunt here as the bond market has been very blunt with you. I think since december Was it a mistake to widen the trading band in your yield curve control program? And what have you learned from the market reaction? I don't think the decision taken by the board last month Uh, was not wrong perfect right And we will continue the current extremely Accommodative expansionary monetary policy In order to achieve two percent inflation target in a sustainable and stable manner, but let me point out a few things first the japanese economy is recovering from the pandemic and Probably in fiscal 2022 The japanese economy has grown About by about two percent and for fiscal 2023 Again, the economy is likely to grow close to two percent since japan's potential growth rate is About one percent or less than one percent two consecutive years of Two percent close to two percent growth well above potential growth rate mean that the Gtp gap is is closing And the labor market has becoming tight and we expect wages to Accelerate to grow and that would eventually Make two percent inflation target met With sustainable and stable manner but Second point As you said inflation rate in last december reached four percent highest in the last 40 years But largely caused by import price hike And we expect Probably from february this year inflation rates start to decline and Fiscal year 2023 as a whole inflation rate would be less than two percent so We decided to maintain the current extremely accommodated monetary policy for the time being Our hope is that wages start to rise And that could make Two percent inflation target to be met In a stable and sustainable manner, but we have to wait for some time third point as Prior speakers argued certainly digital transformation and green transformation these two aspects of Structural changes would Hope hopefully raise Potential growth rate in coming years while Achieving necessary social social responsible attitude toward climate change risk and already the japanese government Indicated that the the government would Facilitate providing substantial subsidies as well as tax breaks to increase digital investment including investment in human capital and also Decarbonization Investment actually the government is made that even in japan alone such Green transformation investment Would amount to more than one trillion dollars in the next 10 years Which is huge? and That would require of course Scientific as well as various Progress, but i'm quite sure that in these two aspects Japanese economy can grow Hopefully with one to two percent in the next couple of years As you leave your post i guess it will be custom i don't know whether it's custom in japan, but it's custom in Many offices in in europe that you leave a letter for the next person who takes The job I wonder if if you leave a letter for the next person that takes the job will you Perhaps express regret That you didn't take the opportunity to escape From these very loose monetary conditions and yield curve control Several years ago when perhaps you had a window I think in the last Nearly 10 years During which i have been governor of the bank of japan We try to eradicate deflation and that certainly we have been successful in eradicating deflation and we try to recover economic growth Because during the deflation period From 1998 through 2012 There was also almost zero growth But after 2013 economic growth Has been regained But about one percent So Also, I must say that a huge number of new employment have been increased Have been made and that of course Or I should say mainly due to increased labor participation of women And that was quite quite successful So all in all, I think the government policy coupled with the bank of japan's Extremely accommodated monetary policy has been successful in changing the Japanese economic structure and the growth prospect but unfortunately Two percent inflation target has not been achieved in a sustainable and A stable manner as I said so percent inflation right now is largely caused by Import price hike and we start to decline towards less than two percent in this fiscal year So that is The only regret I have Bruno Le Maire, Ukraine for very clear reasons has united europe like no other issue Could or has I think in in recent years, but on budget rules on State aid rules on the right response to the inflation reduction act Not so much. I think we see differences at the moment Does europe actually need another EU fund To match the three hundred and seventy billion dollars that president biden is going to inject Through the inflation reduction act and if you believe that is one of the tools to respond How do you get that approved at a european level? How I think that first of all we should be aware of What has happened over the last three years The last time we met in this wonderful Conference room thanks to our friend claus it was in 2020 And over the last three years We have experienced the co vid The lockdown The recession in every developing or developed countries The rise of inflation And the war in ukraine And yet we are still here We are back Discussing over the future of the world and over the best solutions for the world. That's the first good news The second good news Is that europe over the last three years Has become a super political power Like china And like the united states That's Good news for all of us To have a continent like europe being able to defend its values To defend its interest put in thought We would be divided And we would be weak We have been united And we have been strong and we will remain united and we will remain strong vis-a-vis Putin and vis-a-vis the war in ukraine That's the very good news Nevertheless We should be aware That over the last three years We have entered a new era of globalization We have shifted From a market driven globalization To a politically power driven globalization And we have to draw all the consequences of that We have to avoid the worst case scenario No fragmentation But more cooperation No trade war As larice said But just a fair competition Competition is a good thing for all of us No new war But engagements of all countries Including china China cannot be out China must be in And you know that this is the difference of view that we have between the us And europe We don't want to oppose china We want to engage china and we want china to obeyed by the same rules To obeyed by the same rules on intellectual property on the level playing field on the access to markets This is our policy and that's a good thing that we can have different views As far as your question is concerned Inflation reduction act i think that we need to have a global approach That's good things that the united states of president biden Have decided to invest in the green industry And have decided to accelerate the fight against climate change and europe must do the same thing But if we want to compete We need to have a very strong effective efficient swift european industrial policy Based on three key pillars The first one is acceleration Private companies industrial companies cannot wait two or three years Before getting their subsidies that we promise to them Dear project of common interests the so-called eapsay are a very good thing And i would think that this is Breakthrough in the european policy But two or three years is too long We have to act swiftly and we want to reduce the delay from two or three years To six months before giving the subsidies that are required by the industry The second key pillar must be simplification The european process remains too tricky and too complicated For the economic actors. We need to go the way of simplification That has been underlined by president ossella von der leyen and ossella is right We need to simplify the european process And the third point is to focus on very specific sectors The question is Where do we want to spend or european money? Do we want to buy foreign goods foreign devices foreign electric car batteries? Or do we want to put the money in investment with president macron? We are fully convinced that there is a need to invest more in hydrogen In semiconductors In solar panels in nuclear energy in renewable energies With the view of being more independent And with the view of better fighting against climate change While mixing growth And the fight against climate change The key for that is the decarbonization of the economy Decarbonization of the economy is the biggest challenge that we have to face Which will help us to reconciliate growth and climate I think everybody in the room was Along for the ride until you started talking about foreign Products and then I think people went oh, okay. This is a made in europe europe first agenda So i'm thinking now do I need to Stock up on my french cheeses and buy my american motorcycles Because when you start talking that kind of language it sounds a lot like America first If you're talking europe first, I will respond to you very bluntly. I mean is this protection Are we talking about protectionism? No protectionism. I'm not talking about protectionism I'm talking about preserving and defending the economic interest, but Let's be very clear. The key question is not China first Our united states first Our europe first the key question for all of us And for all the nations in the world is climate first And if we want to have climate first, we need to invest more in the fight against climate change We need to invest more in the green industry We need to have our own chips being produced in europe And our strategic goal is very clear We want to come from nine percent of the semiconductors produced in europe to 20 percent and this is Absolutely compatible With the determination of the us to have more semiconductors and more chips being Produced in the u.s. And that's perfectly compatible With the ambition of china to get also access to semiconductors There is a place for all of us in the fight against climate change and in the decarbonization of the economies We have just about 13 minutes left here Poly crisis is I think the word that the forum itself Has conjured up to talk about the multiple challenges that we face and we we've talked at a high level here, but as I look at the The the the rioting in france the industrial action in the uk the cost of living crisis Around the emerging world eddy's clear that there is a community out there Who believes that there is a lack of urgency in the resolution of the personal crisis that they're facing And they want leaders to step up and they want leadership And they also want to be informed about what the potential At the moment unforeseen risks could be in 2023 given nobody had Putin launching a war or the spike in energy price related inflation Priced in for 2022 so as we look at 2023 if I could ask each of you perhaps just to Give us a little bit of a heads up as to what else We need to be worried about for the year ahead and what else we need to protect ourselves against This year cristalino my biggest concern is that Something that in principle is very good To accelerate the transition to the green economy by using public money To step up private investments. This is what us is doing. This is what we just heard from bruno europe is doing May Not serve well The emerging markets and the developing world Why because if you take technologies To emerging markets if technology transfer is part of your plan. Yes, we will succeed But if we are to Strive to get the industrialized world clean and we don't think about the emerging markets We are all cooked. We all studied Many of us studied Business and there is a famous story two men in the forest chased by a bear One of them runs the second one pulls sneakers from his backpack. First one says Do you think that with sneakers you would run faster than the bear? Second one says, I don't want to run faster than the bear. I want to run faster than you Our problem is that the climate for the climate crisis. We all need sneakers And I would I would challenge europe to lead the way in using their power To Accelerate the green transition in the developing world. Thank you sneakers for everyone larry summers crystallina is 100 correct on the centrality of Facilitating the flow of capital From the developed world to the developing world In support of climate transition as the single most important Long-term global financial issue facing the planet it demands much more imagination much more boldness than frankly we have yet seen From the international institutions Or from the governments Who control them in terms of Near-term Risks I would highlight a resurgence of Inflation because of a loss of credibility I would highlight What nobody has talked about The possibility that the virus evolves again And I would note that The odds in my view are better than 50 50 That there will be a covid scale problem within the next 15 years And that the world is utterly unprepared For that For that eventuality, okay I would stress that there is a lot of debt in a lot of places And that if It proves necessary for interest rates to Rise more than is currently anticipated There may well be a need for financial firefighting domestically and And globally And I would finally highlight That economics proposes And that politics Disposes And I would point to the geopolitical risks In asia And in the middle east As a potential destabilizing wild card And While the last several outcomes have been positive And this is relatively short on elections I would highlight the danger of hyperpopulism Thank you very much, larry summers. We've only got about What five to seven minutes left I think here, so please I want to get everybody in Harahiko Kuroda. Thank you I shall be brief about Asian economies As you know, the Chinese economy is likely to grow by five percent this year Accelerating from three percent the growth last year Southeast Asian economies are generally speaking doing very well On the other hand South and west Asian economies except for india, which is doing exceedingly well Faced with difficult situation as you know Sri Lanka as well as Pakistan in Kind of economic crisis debt crisis And even Bangladesh which had been doing quite well It's faced with balance of payment difficulty and so on so forth. So I think Of course, uh, quite climate change assistance is Necessarily in the long run, but for the time being I think for those South and west Asian economies must be helped by IMF and other bilateral donors. Okay. Thank you. I'm christine lagarde But thank you very much the first thing that I hope will not happen in 23 is that fiscal policy in europe will work In in, you know counters cyclical way vis-a-vis monetary policy We will do what is necessary. We don't need to be pushed to having to do more than is necessary So good understanding of what will help and what will hinder I think will be essential Second observation, which is a little bit outside the monetary policy strict field You know, there is so much to do to fight climate change and protect biodiversity There are so many people that are on the verge of falling back into poverty or falling into poverty That there is plenty of activity for all to be had around the world And I hope very much that this subsidy race That we are hearing about Is not going to be a race for the bottom On the hotel of climate change fight and biodiversity protection As well as inclusion of people out of the poverty where they are at risk of falling Because if that was the case There's good business to be had for the wto Remember Airbus Boeing 20 years of subsidy wars Well, the wto is in business that will continue to have to argue the case of one against the other We shouldn't do that. We have to cooperate as advocated by Bruno I would say that My deepest concern Is clearly the war in Ukraine For three clear reasons The first one is that At the european citizen I cannot live peacefully Knowing that european citizen Every day on the european soil Are being threatened Targeted by bombs Injured Or killed We need a ceasefire And we need to put that war to an end The second reason That there is a risk of extension of that conflict. Let's be very clear And at some point Vladimir Putin might be tempted by the extension of the conflict And the third reasons And this is really important that we open the discussion here in Davos about that question The war in Ukraine is not a regional conflict I know that many nations around the world Think that this is only a regional conflict. This is not a regional conflict. This is a global conflict This is a global conflict because it has a direct impact on the level of prices On the level of commodity prices on the level of energy prices This is a global conflict because our core Common values Are at stake There are at stake And the principle of sovereignty Of national sovereignty Must never be jeopardized Never be weakened by any kind of conflict Jeff, can I can I add a follow-up to Bruno? Because it's you of course Just 30 seconds Now because he makes such a strong point, but it has to be supported but something by something that has been Extraordinary in the last 12 years And that is the solidarity between the united states the europeans and quite a few other countries including japan If that was to break down because of domestic imperatives because of political considerations back at home We would be in a pickle and we really have to make sure that that solidarity front Holds and we europeans can demonstrate that When we had brexit we were all together. We will carry on but I think we have to make sure that it sticks Gosh, and I I hoped I would never hear that word again. Actually, I thought we'd bury them Can I be aggressive here? And use the fact that you made an exception to say one thing To support to support bruno It is a global war because what it did is it wiped out the peace dividend We have enjoyed for 30 years Gone what is the result money that could have gone To invest in development is now going to invest in military and rightly so Right is so to defend to defend all of us of an aggression The result more poor people more hunger So yes, it is a global war. It is against a war against prosperity around the world and christine And I think as someone who understands The iron curtain and what happened behind the iron curtain those words have even more power Look, we're going to wrap up here I would like you to thank our panelists in the traditional fashion But I'd also like you to stay because the president of the world economic forum Borga Brenda is going to join us on the stage and do the formal wrap up So don't go anywhere, but please thank our panelists