 We turn to thank you. Mr. you have the floor I'd like to make a three-point the first point is that I think we all agree that there's a synchronized slowdown And with a potential there might have recession and there are minefield of a trigger to the orders geopolitical factors anything can trigger Some of the economy pushing some of the economy into the recession My question number one is that how can you cope with it? Do we have a right tools to cope with that you're let to talk about monetary game and basically monetary is losing its effectiveness and Good chance that when you know Lower your interest to further and further down with the easy monetary policy actually you create your big That bomb down the road and there's a good possibility that we might end up financing the garbage project For all of those three we're gonna pay the price. My more concern is on the fiscal policy yesterday I guess all your branches mentioned that now because money to policy is tied up in many countries Fiscal might be the only game with the low interest rate, but with all this populism rising in many countries everybody particularly populist politicians are trying to win the election and we do slowly growing or sometimes Decreasing pie. I guess most of the fiscal policy run the risk of ending up Just give away rather than spending in the more productive sectors or facilitate the structure investment and the third thing is that during the 2008 crisis we have a global coordination. We all remember G20 played a very instrumental role I remember that in 2009 and so G20 all the leaders agreed to Stand still and rollback of all protections to measures and that helped a lot to avoid the worst outcome of the 2008 crisis Now we don't have it and we conveniently say, you know so-called New normal about this low interest rate and all the stuff But I don't think we can hide it behind this new normal about lack of international coordination And this is very worrisome particularly for country in Asia because you know Asia has been following our globalization and then we had a crisis two and years ago with all this capital flow and Then we recovered and no ten years ago. We have this global finance crisis But now the question is that if the global coordination or the role of G20 is no longer there if we have a crisis Where can you rely on? Unfortunately, I'm very happy to tell that we haven't made a lot of progress Since the two ten years ago crisis we have created something called Right now they call it RFA regional finance arrangements Europe's ESM Asia has come up with something called C M I M basically it's a multilateralized swap between ASEAN 10 countries and Japan Korea China Even though it's a walk in the progress we had made a lot of progress, but at the same time there are many missing Blocks missing links in terms of the paid in capital because it's all promises But there's no actual paid in capital for example And we don't know how to coordinate once the crisis hits us between IF IMF and This regional finance arrangements and many bilateral swaps So this is also a big concern for many Asian countries and Finally, I just want to mention that no there's something called we agreed on the G20 capital flow measures for Microprudential purpose and in Korea the case in 2008 crisis Even though we had almost no exposure to US house movies market and we had we are sitting on a pretty big amount of Reserve at the time 20 260 billion dollars still because we have a Relatively large short-term debt We are hit by the international investors. There was a pull out of money It was only when we entered with the Federal Reserve Swiping range of the three thirty billion dollars that the hemorrhage stopped But actually when you look at it this short-term debt is another really short-term debt The large chunk of it is fictional debt. It's sort of I don't want to be too technical But it's a forward-sale position of foreign banks in Korea. So after that we implemented two measures basically we charge the bank levy and No, if it's a less than one year borrowing in the inflow stage they have to pay additional 10 base point and another thing is that all those Delivered positions should be linked and limited by the capital base And we did this to measure the what we found out is that the capital inflow does not change in terms of the amount But basically the structure changed. It's much more longer term. It's much more stable and this kind of no capital flow measures of For potential micro prudence of purpose. I guess it should have been more encouraged and explored I am a fit much more positive on that which is a little bit Hesitant toward that but I think you know, this is just something without global coordination particularly we have to Explore more and finally about this, you know, we mentioned about this resetting of capitalism and Because of this perception or actual happening of inequality I agree that we got to do something about it. But what we found out is that We have a now a little left-leaning government which emphasized a lot about justice Fairness equality, but it's all great in saying as a cause, but when you try to implement it You have this nightmare who define justice who define fairness and so all the good intentions Often end up with the pretty bad results as they say the road to hell is paved with good intentions So I'm not saying the efforts is not worthwhile But rather what I'm trying to point out the the risk Particularly on the populism and trying to address this inequality issue You try to push too far and how to find the right equilibrium Is it something we have to all struggle in each countries? Thank you. Thank you very much Oh a lot of potential questions for you in the discussion