 All right. Good morning, everyone. Since the workshop I was in was called workshop one, I will start this session which is a report of the workshops. Our workshop one was focused on a very narrow subject called money and finance. We had a very lively exchange on the current economic and financial situation during which we also addressed some structural transformations that are taking place. Let me start with the current economic and financial environment. We concluded that any assessment of that situation would have to be judgmental result of balancing positive elements with a negative side made of various risks to consider. On the positive side, we noted growth. Global recovery is on its way at an unprecedented pace in the world economy globally and also very much in this region of the Gulf countries with a clear correlation with a degree of vaccination. Market economies, the financial sector and banks have proven quite resilient. Second, this was facilitated by very responsive fiscal and monetary policies providing ample liquidity and government support. On the side of inflation, looking at it from concerns existing before the COVID crisis, the resumption of inflation can also be interpreted as a welcome exit from a situation that was on the verge of deflation. Central banks are monitoring the situation closely and their inflation target, which actually convergence around 2% for many central banks of developed countries, provides an anchor that guides policy responses. And finally, even in poor countries, for example, in sub-Saharan Africa, there is a lot of dynamism, confidence and energy among policymakers. The state of mind is favorable. It was also mentioned that the new frontier is investment for climate and sustainability. The build back better motto that applies for Africa should actually be build. Let me now focus on the negative side and risk side or points of attention and I will not note briefly nine of them. First, the growth picture is unequal and growth remains too slow in emerging countries and many low-income countries, notably in sub-Saharan Africa. This is compounded by the inequality in the distribution of and access to vaccination, which was often mentioned in our discussions here. Second, even with the comfort of central bank careful policies, inflation prospects remain uncertain. Is the current inflation surge which goes beyond the return to 2% that I noted earlier? It is fed by commodity and energy prices as well as sustained demand facing supply and transportation bottlenecks. Is this temporary or will it transform into sustained overheating? Liquidity remains abundant. Energy prices are up. Commodity prices are up. Wages may increase and are no longer constrained by unaging Chinese labor force, though automation can compensate that effect. The jury seems to still be out, but there was no convergence in the group to either Larry Summers' prediction of a change of regime toward high inflation nor Rubini's prediction of stock inflation. Third, debt both corporate and public is very high and its burden depends on the evolution of interest rates and therefore on the management and pace of tapering. This may not be a source of concern in the short term, but complacency would be dangerous. Fourth, in developing countries, debt can be managed, but it has become an overriding issue and requires new funding sources. The allocation of SDRs that has taken place recently has been excellent news, but it was also noted that it is relatively small and likely to be dispersed too slowly. Fifth, in some emerging markets, especially in China, financial risks have emerged that may spill over to financial markets worldwide. This is yet another point of attention. Six, over the longer term, questions were raised about the prospects for potential growth. Total factor productivity had been on a declining trend in advanced countries since before the 2008-2009 crisis, before recovering somewhat before the COVID crisis. Much of the uncertainty hinges on what to expect from technical progress with digitalization, artificial intelligence and so on. Should we expect a powerful growth impact, which was not observed yet given understandable delays before technical progress is disseminated throughout the production process, or will the impact on productivity be of little significance as some economists, for example, Robert Gordon in the United States, have profetized? One participant also remarked that all problems, pre-COVID problems, are still there and that the COVID crisis may also be seen as an excuse not to implement needed structural reforms. Seventh, among the risks to consider, the social costs of the pandemic, of inequalities, of situations throughout the pandemic, of frustration that may surface when policies, fiscal and monetary, go back to quote-unquote normal, where mentioned are potential issues which could possibly provoke political and economic unrest. How to manage social expectations appeared as a crucial question. Eighth, it was mentioned that the party may be over in the sense that policy correction has started to take place. How this is managed, including on the side of social expectations, will be crucial for the pursuit of growth, the response of inflation and financial market stability. Finally, the group noted but didn't discuss geo-strategic uncertainties that were mentioned quite often in this seminar. Within our discussions, some structural trends received the group's attention. I will mention two of them. The first one was digitalization. It was described as pervasive, especially on financial markets, and disruptive in many ways. First, it announces a revolution in digital payments and the advance of a cashless society. This revolution is a disruption for banks because it deprives them of a source of revenue that was linked with payment systems that they used to control. It's no longer the case. Second, in digitalization, as part of this discussion, a distinction, important one, was made between crypto assets, which are mainly innovative and speculative financial instruments, however popular, who do not meet the criteria of money, and cryptocurrencies, which are based on basket of existing currencies or which may soon be emitted as digital currencies by central banks. Central banks were seen as necessary to anchor the trust that is necessary in the currency and payment system, and it was felt very unlikely that a decentralized cryptocurrency system could emerge without a central role for central banks. And finally, another aspect of the disruption was linked to the labor implications due to automation. Up to 50% of employment in some places may be lost, for example, it was mentioned, in some of the GCC banks. And in the future, more can be expected with the development of quantum computing. It was agreed that we should spend more time assessing the potential benefits and implications as well as the risk for security and crime that quantum computing proposes. Finally, green finance was discussed in our group. The concern over sustainability, the attention to ESG concerns have become pervasive across the private sector. ESG, in particular, has become a powerful set of standards at a global level. Big companies are increasingly concerned by ESG, by climate. However, there is still the risk of green washing and it is crucial if we want to mobilize finance for the development of a green economy to find ways to avoid this behavior of green and the temptation of green washing. To conclude, as often in this kind of discussions, there was a short exchange on whether we could or should be optimistic or pessimistic. Let me just synthesize that discussion by the combination of mental optimism with caution against any complacency. Thank you very much.