 The global economy's center of gravity has been gradually shifting from west to east over the past decade. This process is set to continue in the emerging market countries, which tend to urbanize and modernize their economies. Increase in income per head in addition to favorable population dynamics means that emerging markets will continue as important drivers of global growth in the longer term. You know, for example, that Vietnam has the same population as Germany. On the contrary, the dead burden developed market economies face unfavorable demographics, expensive welfare programs, and the need to unwind high levels of government debt. Taking that into consideration, the leveraging will prove to be a painful process. The investment banking model, which existed before the global financial crisis, is currently under pressure. It will face requirements for a change from a more challenging regulatory environment. Regulators need to balance their need for higher regulation and stiffer capital buffers. This will help to avoid the unintended consequences of squeezing balance sheets of the banking sector too much. As you understand, it may result in the contractionary measures for a bank which continues lending when the global economy is facing the risk of a recession. Looking ahead, the future of the industry is promising, while the growth prospects are likely to be supported by the growth prospects of the banking services in the emerging states. The banking sector traditionally provides innovation in response to the needs of clients and the real economy. This process is likely to continue in the future, and it is a challenge for the banking sector to continue with innovations. There will also be some innovation as a response to tightened regulation as earning profit is the ultimate goal of any bank and any commercial organization. Also, given the weakness of some financial systems, we may see new forms of state commercial partnerships. Of course, every company is aimed at maximizing its profits. Finance industry is, to a great degree, a quintessence of these commercial impulse, but there are certain principles that, if implemented, can significantly contribute to an overall improvement of the global well-being. First of all, the ecological standards. There is a practice which is routinely implemented by European Bank for Reconstruction and Development, where all the projects financed by the bank need to pay the ecological expertise. If we expand this practice to a broader range of entities, for instance, implementing it in all development institutions in the emerging market, this could be a big global plus. Secondly, fighting poverty. The mortgage boom in the West has contributed to a massive improvement in the living standards. Of course, the banks and markets are not in the best shape now, but still many things can be done to finance social spending projects, co-sponsor mortgage origination with the governments around the world. Another area is microfinance, which can help to take people out of poverty by providing them funding to start own businesses. In general, there is a whole lot of new regulations put together now. Some of them are of course putting too much pressure on the banks, but on the other hand, a revamp of risk-taking regulations can decrease the cycles of the global economy, reducing the burden on the overall economy, especially on the poor parts of the populations.