 Today, I've had the pleasure of doing a keynote speech at the ECB conference, of course, on the very timely topic of monetary policy management at the current conjuncture. And I think my lasting message is that I took, of course, not just an advanced economy perspective, but also a global perspective, that we are confronting risks that are well known, but importantly forgotten, the old world of stagflationary concerns where we are many countries, as I emphasize, especially in the emerging world, but not exclusively, the recovery from COVID has been at best imperfect. Many countries remain well below previous per capita GDP and yet inflation is much higher. In the advanced economy, there is still the hope or the, if not, I wouldn't say expectation, but certainly the hope that the exit from low for long interest rates as central banks tighten to deal with inflation can be benign. I flagged very much in my remarks the risks that soft landings are difficult to engineer and rare an a rare occurrence in history. Therefore, much of my talk was concerned with the risks, yet the importance of acting quickly, but the risks associated with exiting from low for long, the low for long real interest rates and nominal interest rate world that we've been living in. I also emphasize that the exit risks are not just advanced economy recessions, but importantly, aggravating conditions globally in the context of higher likelihood of debt distress among many middle and low income countries and rising poverty rates and political discontent.