 So, Haim, big news out of Morocco this week. The Moroccan people approved a new constitution last week. What kind of key changes coming out of this after the referendum? The new constitution is really a major step forward and a very long process of transformation in Morocco, transformation toward a more representative government. The constitutional amendments really covered a lot of different issues. They covered language rights, cultural rights for a bourbon minority. They covered women's issues, but the two major areas that the constitution focused on was really redefining the roles and the power of the king, and second, empowering an elected prime minister and an elected government to essentially rule with the king. It's about sharing power, it's about redistributing power in Morocco, and that's a significant step forward. So, do you think that devolving some of the king's powers will make Morocco more or less stable going forward? Going forward, stability is going to depend not only on how these constitutional amendments play out, how they're actually implemented, and whether the king actually devolved some of his powers, but will also depend on whether the political parties, the people that are going to be participating and leading a new government, actually step up and reform themselves. Political parties in Morocco have traditionally been very weak, and that's one of the reasons why the king has held on to power for so long is because the political parties were really the personal fiefdoms of large families, they weren't intertwined with different business interests, and they're really an aging power elite structure. So the real challenge here is for political parties to reform themselves, to inspire young people to participate in creating new political parties and strengthening existing parties and showing people that they can actually govern and help govern Morocco. It sounds like there's a little uncertainty going forward. King Mohammed VI has said that Morocco will distinguish itself by its democratic course. Can this model of gradual reform work for other Gulf monarchies or for other Arab states around the region? Well, Morocco's process of reform is very threatening to other monarchies, especially monarchies in the Gulf, which are uncomfortable with the pace of Morocco's reform. They've always been a little uncomfortable with the pace of Morocco's reform. Let's not forget that King Mohammed came to power over a decade ago and instituted some pretty dramatic reforms in terms of women's rights and other key reforms. So there's always been some concern in the Gulf, in particular, with the pace of Morocco's reform. Each country in the region is going to undergo their own transformation, their own reform process based on their cultural experiences, based on their historical experiences. So looking at Morocco, do you think this is going to be a successful process of reform? This is a big step forward for Morocco. The constitutional amendment process, which the king announced, which the king pushed forward, is part of his answer to the Arab Spring, part of his answer to the protests, to the uprisings, to the discontent that was bubbling over in the region and Morocco as well. But this is one half of the answer. The other half of Morocco's strategy is to deal with the deep corruption and the deep socioeconomic challenges facing Morocco in terms of unemployment, youth unemployment, a lack of housing, lack of education, and how the government balances its strategy to move forward on the political front and institute these political reforms while at the same time moving forward and addressing the deep socioeconomic challenges that Morocco faces is going to determine the future stability of Morocco. These are some big challenges ahead. Haim, thanks for joining us. Thank you.