 If we are speaking about the French crisis, I will start with a personal anecdote. I spent my holidays two months, indeed, in Greece and spoke with some friends there. And they said to me, a crisis in France? What kind of crisis? Which crisis? The pensions are not being cut. The salaries in private business are going up. What kind of crisis? Of course, compared with Greece, the situation in France is very different. I suggested the title of this introduction, Economic, Political, Ideological Crisis, and Metamorphosis of French Socialism, for three reasons. The first one, I will try to avoid two general explanations of the situation in France. The second reason is obvious, the president is coming from the Socialist Party. The majority in the National Assembly from the Socialist Party, the Socialist Party is in charge in France, despite the fact, as Joe said, that the majority is shrinking a little bit. But still, at least, it's a relative majority of Socialist MPs. The third reason is that facing the crisis, the French Socialists, or more precisely, I think, the president and the prime minister, are trying a kind of ideological revolution of the French Left. The tradition of French Socialism is coming from Marxism. And Francois Hollande is already for a long, long time. This is a kind, I would say, scholar of Jacques Delors, is convinced that the French Socialism should go toward a kind of European social democracy. And that's not the tendency of the majority of the members of the Socialist Party, because I think the majority of the Socialist Party is still very traditional. And there is the reason why we have an ideological crisis in the Socialist Party, and in the Left, in France, in general, today. So first, economic crisis. I give you some figures, but I suppose you know very well the situation. The economic situation was not good. It was already very difficult when Francois Hollande came to power two years and a half ago. It was, in part, a consequence of the financial crisis of 2007, 2008. But also a consequence of the reforms, which have not been made before, and not be made by the conservative governments after 2002. So some figures, the budget deficit was, in two years ago, about 6%. We had already almost 3 million of unemployed people with a very high rate for young people, about 25%, and for seniors. And the tax burden for businesses and for individuals has increased about 30 millions of euro during the last years of democracy. So Francois Hollande started two years and a half ago with, I think, two kind of policies, two big directions. The first one was about the European Union. The idea was that the European Union must change its priorities. And that the reduction of public deficit is certainly important, but the priority should be the support of economic growth. And during the campaign, the electoral campaign, Francois Hollande said, if I am elected, I will renegotiate the stability and growth pact. The second idea, the second big idea, as France itself was concerned, was a different kind of policies, what Francois Hollande called a toolbox, the creation of a public bank for investment, job subsidies for young people and for seniors with a job subsidized by the state, by public funding. A tax increase for wealthy people, but in some way, unfortunately, not only for wealthy people, but for the middle class, too. And these increases, tax increases, led to a kind of rebellion of the taxpayers. This was a problem particularly last year. At the same time, Francois Hollande tried to promote what could be called structural reforms. But in a way that is typical for him, it means that trying to make reforms not by imposing this reform, but by looking for a consensus of social partners of the trade unions and of the business community. And the first priority, and the second priority in making reforms, was to seek to accommodate different groups and contradictory interests so that the reform should be as penniless as possible. Generally speaking, we could be maybe in the debate a little bit more precise. But generally speaking, this policy did not work. And Francois Hollande made yesterday a press conference. And he said, yeah, the results are not here, but they come. But the results are not here. The budget deficit is still higher as promised to the European institution, 4.2 in 2012 and 4.4 in 2014 in this year. And next year it will be about 4.2. So the last, pardon, the same rate as three years ago. And the 3% which is the obligation of the Mastery Treaty promised for 2015 will be maybe reached only in 2017. The public debt is about a little bit less than 2,000 billion of euros, short of 100%. The gross rate is weaker than expected, 0.4 in this year, one point maybe next year when 1.7 has been expected. The inflation is very low, 0.5, 0.9. And because of these low inflation, the tax revenue is less than expected, about 2 billion euros this year. And unemployment is coming up. 500,000 more unemployed people in the last two years. The public spending is about 57%. Just a little bit less than in Denmark. The trade deficit is about 60 billion euros, compared there is a trade surplus in Germany of 150. So because of these situations, the focus at the beginning of this year has changed in the economic policy of Francois Hollande. The main goal is always job creation, fight the unemployment. But not only by subsidizing jobs, but by supporting, promoting competitiveness of the enterprises. There is a shift in the priority of the government. In the next three years, from 2014 to 2017, 2017 is an important date, because it's the next presidential election, of course. So in these three years, the tax reduction for the enterprise should be about 40 billion euros, compensated by 50 billion euros, a reduction of public spending of 15 million euros. But we don't know exactly where these cuts will be made. On the state level, certainly on the regional level also, and in the social benefits. But where exactly, up to now, we don't know. So the reduction of unemployment, as I said, remains the main objective, but now as a consequence of the promotion of competitiveness. So the so-called supply policy versus demand policy. This change announced in January is not already up to now completed. But this change has triggered a political crisis, that's my second point. A political crisis which has, I think, three characteristics. The first one is a rift inside the Socialist Party. The second one is the success of the extreme right, the Front National, at almost every election in the last two years. And the Front National was the first party in the European elections. And the third characteristic is the inability of the so-called, what we call in France, l'opposition républicaine, the moderate right, the moderate conservatives of the Union pour une majorité populaire, UMP, the party of former President Sarkozy, maybe the party of the next president. Not of the republic, but of the UMP. He will be candidate for the presidency of the party, maybe tomorrow or after tomorrow. We don't know exactly. So the inability of these republicans of the moderate opposition to take advantage of the unpopularity of the president and of the government, almost only the Front National is taking profit of this unpopularity. So since May 2012, since the election of Francois Hollande, the Socialist Party has lost every election, every by-election has lost the local elections, has lost the elections for the European Parliament. And because of this change of economic policy I described before, the left inside the Socialist Party is more and more, let's say, powerful. There were almost always in the Socialist Party different tendencies, from the left or even extreme left to the center. But in the last months, it appeared a group of about 40 MPs in the National Assembly called les frondeurs. I don't know how to say it in English. So there's a kind of, yeah, un-translated, well, a rebellion against the so-called austerity policy of the government. I say so-called austerity policy because there is no austerity in France. As I said at the beginning of my speech, there is no austerity. And in the meantime, the Communist Party and the radical left and the ecologist has left the majority or are now at the marching of the majority. Symbol of this political crisis in the last few weeks, Francois Hollande must dismiss three ministers, more exactly two ministers and one minister, the minister of culture, retired, three ministers. And among these ministers, the minister for economy, Arnaud Montbourg, because the minister of economy did not agree with the economy policy of the government because he criticized the German policies imposed to Europe, as I said. And also he criticized the austerity policy. Again, there is no austerity policy. So Francois Hollande must research for the government only five months after the nomination of the new prime minister, Manuel Valls. And because, as Joe said in the introduction, because of the unpopularity of Francois Hollande, 13% of support began among the journalists and politicians, I think not in the large public opinion because people are not interested in such matters or what people are interested in, is employment, revenue, tax, and so on. But started a debate about, first, the dissolution of the parliament and even about a new presidential election after a possible resignation of Francois Hollande. And it's a kind of artificial debate, certainly artificial, in a very harmful atmosphere, I would say, but artificial but symbolic for the political situation of France. And yesterday, Francois Hollande must repeat and he says that again and again, I have been elected for five years by the French people and I don't care about opinion books. But he must say I am the president for five years. What should be an evidence? But I think as far as the political, the economical and political difficulties are concerned, I think Francois Hollande has two trump cards. The first one is the institution of the Fifth Republic, which gives the president stability and power, not only to the president but to the executive power more generally, the government and the prime minister too. And the second card is the possible evolution of the European policy that could be a shift in the European policy towards more growth, more investment with this plan of Jean-Claude Juncker of 300 billion euro investment at the European level. So this shift in the priorities of the European economic policy could help Francois Hollande to solve in some way the difficulties he is facing now. My third point is about ideology or political tendencies inside the Socialist Party, as I said at the beginning of this statement. And again, the traditional ideological purpose of the Socialist Party in France comes from Marxism. And the party renounced Marxism rather recently. But the ideological basis of the Socialist Party in France is still the same as Marxism. The Socialist Party in France is still represented by two pillars. First, economy should be in some way run by the state. So the market economy is considered with suspicion. And second, pillar is a distribution of wealth. Whatever this wealth means, the wealth is produced. And again, Francois Hollande is not alone in the party. And this is a point of view of Manuel Valle, the prime minister, too. Francois Hollande is convinced already for a long time that this ideological basis is outdated. Not only as far as theory is concerned, but also as practical policy is concerned. The experiences of the previous Socialist government in France have shown that the practical policy of this Socialist government were totally different from the principles of the ideology. And this kind of abyss between the ideology of the party and the practical decisions made by the leaders when they are in power has led to a kind of deception of the voters, has led to the discredit of the politicians and not only the politicians of the left, and led to the rise of the extremist parties. In France, it's the extreme right. But I mentioned Greece at the beginning. You know that in Greece, this extreme left, which is taking profit of the discredit of the main political parties. In France, that's not the extreme left. The Communist Party is just not, I would say, a kind of municipal party. Now, a local party. Its power is based on the municipalities governing. The radical left around Jean-Luc Mélenchon did not succeed. But the extreme right is taking profit from this situation. And that's the reason why it is often said in France that the Socialist party must go through a kind of bad Goddard as a reference to the conference of the Social Democratic Party in 1959, in Bad Goddardsberg, where the SPD renounced Marxism, adopted reformism, and supported the European integration. Francois Hollande, I think, would like to manage this metamorphosis for the Socialist Party in France, but he must do that against the majority of the party members. And you want to do that, as I said before, without pain, with a kind of consensus. Because I think he knows, and he wrote not one, but I think two or three books about that before. And when he worked very closely with Jacques Delors in the 80s, the beginning of the 90s, he knows perfectly the reforms, which must be made in France. Reform of the labor market, reduction of public spending, reform of the social benefits, reform of education, a little bit the kind of reform that's always in France, the references Germany, positive or negative, that's the reference. The reforms made by Schroeder at the beginning of 2000, 2003. And it's very interesting that Francois Hollande pressed officially these Schroeder reforms some months ago. It was at the end of last year, I think, at the occasion of the, it was in Leipzig, at the occasion of the 100th anniversary of the SPD in presence of Angela Merkel. Francois Hollande pressed the Schroeder reforms. And the Schroeder reform is a kind of Comandie Chiffon Rouge. For the majority of the Socialist Party. And the Prime Minister, Manuel Valls, I think, would wish to go even further than Francois Hollande. Some years ago, he wanted to change the name of the Socialist Party into a kind of democratic party like in Italy, the Post-Communist Party, or even like in the US. Tony Blair. Or Tony Blair in the third way and so on. But it's interesting to remember that at the Socialist primary, 2011, Manuel Valls got 5% of the vote among the Socialist members of the Socialist Party and Socialist sympathizer. So this metamorphosis would mean that the Socialist Party, the left in France, generally speaking, is accepting the capitalist system. But it's not totally the case today. Today, the majority of the Socialist Party want to change the system. And to manage a place and a role for France in the globalized world, at the same time keeping the welfare state as it is in France. And that may be a contradiction. But this contradiction, I think, at the core of the public debate, at the core of the crisis in France today. Thank you for your attention.