 My research is on intangible assets and how important they are in understanding growth and prosperity, both in the European economy but in America as well. And by intangible assets I mean the kind of investments that firms are increasingly making in knowledge-based assets, that is to say in R&D, in design, in marketing and branding, in software and databases and everything around the new economy. And what we try to look at in the research is how the transition of the economy from the less knowledge-based assets to the more knowledge-based assets, how that's affected growth and productivity in Europe and in various other countries. And essentially what we find is that the Americans are investing a lot in these intangible assets. Europe is rather behind and that helps explain why American productivity has generally been rather better and European productivity has been somewhat left behind.