 et je donnerai bien la parole pour commencer, et nous dresser un peu le tableau à Nicolas Verron. Merci, Président, pour obéir à vos instructions de parler canadien, je vais parler surtout en anglais. Looking back at the period since early 2020, I would like to start with the observation of a number of good news. And I think it is remarkable, of course, the pandemic has been an incredible tragedy. We had millions of casualties from the virus. This dominates everything. And I live in Washington D.C. In Washington D.C. there is a not installation right now on the national mall just below the Washington monument with little flags, one little white flag for each American person who has died from COVID-19 since the beginning of the pandemic. And it's a very powerful installation. So I think this should dominate, of course, any perception of what has happened in the last year and a half. But there have been a number of good news and let me go through a few of them. One of them, which sounds so obvious that we're not debating it anymore, but which I think was not to be taken for granted, is that essentially all countries in their public policy reaction to the pandemic have put lives first. Now we know that lockdown strategies are the first response to the virus, especially at the beginning when there was no vaccine. This was not to be taken for granted. China, the country where the virus first appeared, invented an incredibly disruptive strategy when it locked down Wuhan. Now we forget how disruptive that was. When I remember when I learned the news of the lockdown of Wuhan, I couldn't believe it. I didn't think it was possible to lock down an entire mega-city for health reasons. The Chinese government, or full government, the government that is often accused to put economy before people, put the people before the economy, took a very early decision, very clear one, that they wouldn't let economic imperatives go in the way of protecting lives. I think this is... Il n'y a pas de traduction. Inspire, despite all the other issues with human rights that exist in China, and it has been emulated throughout the world. There has been an incredible effort of scientific cooperation. We see, I think rightly, our world as one which is dominated by risks of fragmentation, of decoupling, of escalation between great powers. But if you look at the strategies to mitigate the pandemic and to find responses, thanks to science, they've been incredibly collaborative. The vaccines are the indication of that as well. Vaccines have come incredibly quickly, really without precedence in the history of vaccination and healthcare. Of course, there is a lot of inequality in implementation, and this should be felt by each of us as a challenge. We're probably all of us here among the first one or two percent of vaccinated people on the planet. We should be aware of that privilege. But the deployment of the vaccines, the discovery of the vaccine and its deployment, their deployment, has been, I think, amazingly successful and has been the real response to the crisis. In political terms, Younel, you alluded to this. What will this pandemic result in in terms of political trends? Well, Joe Biden was elected president of the United States against Donald Trump. I think if we look at the fundamentals and the number of studies, it is very probable, even so we will never know for sure, that if we hadn't had the pandemic, Donald Trump would have been re-elected. And therefore, the notion that hardship creates a ground for populism is not vindicated in the experience we had. And actually, when you look at the European Union, you see similar trends. The last election in Germany was a triumph for moderate centrism. The four main parties that came first this time, center-right, center-left, liberals and green, increased their total share of the vote. The radical parties on the far-left and the far-right decreased their share of the vote. And I, for one, expect something similar to happen next year in my country of France, even so, of course, it's too early to be sure of anything. More importantly, perhaps, the European Union has reacted very vigorously to the threat of the pandemic, which did create risks of fragmentation early on, with this completely unprecedented program of next-generation EU, which is not only a lot of money, but, for the first time, transfers of that magnitude agreed between member states, and, perhaps, even more importantly, for those of us in finance, for the first time, massive amounts of borrowing directly by the European Union in its own name, which has the potential of creating a new benchmark for markets. You say facets, if you will. There have been some auctions where the EU debt has actually priced at the level which is more secure, lower, yield than even German sovereign debt of the same maturity. And I think this apparent benign political effect of the pandemic is not only a rich country phenomenon, if you look at the trends, for example, the prospects for the Brazilian election, it appears, well, you could say, this is a left-wing populism versus right-wing populism, but I think many of us can agree that Bolsonaro's populism is more disruptive and more threatening than Lula's, and what we see as a prospect for that election to take only one example among large emerging countries is also reassuring for that matter. Now, I don't want to sound like everything is fine in the world. It's not, and I started with the number of deaths and miseries that the pandemic has brought. Let me mention a few uncertainties on the outlook. The first one comes from the virus itself because the virus is still with us massively, and it keeps mutating, and we're not secure that we won't get a variant that completely changes the equation. So the virus, as it has been the case continuously for the past 18 months or more, is the number one driver of the outlook. It's a very short-term driver because it can give us very short-term use and therefore nothing can be taken for granted at this point. It's a moment, as it has been continuously for 18 months, of very high uncertainty. The response to the virus as a vaccine that's a sudden uncertainty factor. We've seen reasonably good take-up of the vaccine in a number of countries, but we've also seen it plateauing in some countries, particularly in the US, which started early but has now very low rates of vaccination compared to the potential. And at this point, it's clear it's not due to supply problems. It's due to the low acceptance by population. And it's not only the US. There are many countries, including poor countries, where people are very reluctant to accept the vaccine because they don't trust the authorities. And this is a major risk on the economic outlook because we need people to get vaccinated if we want to get back to a normal economic functioning. Certes uncertainty, you mentioned it, Yannelle. We don't understand supply chains. They react to the current stress in a way that nobody could have exactly foreseen. And we will have more problems with scarcity, with difficulties of adjustment, with the read across in terms of inflation, which frankly, I don't think any economists can predict with certainty at this point. I for one follow and approve the stance of the main central banks et de l'ECCB. They have a difficult job. I think their current approach makes sense to me. But there can be no confidence that it will be proved to be the right one exposed when we know what will have happened in the meantime. So here again, massive uncertainty. And finally, we mentioned all the pleasant surprises in terms of the rebound and the economic outlook it looks like now. But there is very high debt everywhere in the world. So debt has increased a lot in rich and poor countries alike. And so we're not well protected against the prospect of government debt crisis, particularly in poor countries, which has to be a concern going forward continuously. It's been good surprises so far, but I think there could be a number of game changers not everywhere, but in a number of countries if conditions become a bit less benign. I'll stop there and look forward to our conversation. Thank you very much for having me. Thank you very much, Nicolas. I think it was very interesting for us to hear you mentioning the cooperative, the collaborative response that we have seen in certain cases during this pandemic and also the speed of the vaccination, availability. Even if the African people on this stage will have a bit of a different view because it has been a very collaborative situation in between the major powers, the richest countries et vraiment votre chêne en termes de coopération internationale et reste en ce sens vis-à-vis de certains pays. Le nationalisme en vaccination a été comme ça même si la Union africaine a été très bien organisée en termes de logistique et de finance a été, dans un sens, mis en place du marché pour accès à la vaccination, ce qui est un peu d'issue. Cependant, en termes de l'impact, l'impact sanitaire en Afrique il y a moins d'une tente de ce qui a été observé en Europe. Mais aujourd'hui, ça pourrait devenir plus dangereux avec ce très haut niveau de 3% de la population africaine vaccinée. Mais il y avait des éléments de collaboration. Vous avez aussi mentionné que l'EU a changé certaines de ces politiques et a été, en ce sens, efficace. Je dirais aussi que nous avons vu cela sur d'autres continents et, encore une fois, l'Union africaine en termes d'impact sanitaire, par exemple, et dans le développement de l'SDR, la distribution de droits de tirages spéciaux, a été bien organisée et très bien organisée ensemble avec l'Union européenne. Il y avait un progrès en termes de gouvernement collectif, je pense, dont vous avez mentionné et qui sont importants. Vous avez mentionné les banques centrales pour dire que, en ce sens, elles ont été efficaces et vous avez mentionné qu'il n'y a pas de panique contre l'inflation d'aujourd'hui et de plus d'insertions mais, en ce sens, c'est monitoré par les banques centrales. Je pense que les banques centrales ont été des joueurs importants pendant cette pandémie à travers le monde même si c'est plus clair dans l'OECD ou en Chine que dans les pays développés. Merci beaucoup, et je pense qu'on va revenir à cette question de l'inflation.