 We had some very interesting discussions of world trade this morning. I thought we'd also see if our panelists had any responses to that. And then we'll turn to the financial sector and see what we have to discuss. And as a special treat, we have Daniel Tenu has been delayed in his arrival, one of our panelists. And in fact, hopefully we'll get here, but may not. But luckily, we have a fill-in, Elena Daley, who is going to tell us a little bit about a very live issue, which is the latest news on the Venezuelan debt restructuring, which I think is going to be very much in the news regarding the financial sector in the months. Is it going to be years or months to come? Certainly months to come and maybe years. Okay, so let's start the discussion briefly with just a review of the global forecast. I don't intend to ask the panelists to make any particularly lengthy comments, but I think there were some aspects that may not have come out of the discussion yesterday that I think might be of interest. Certainly the outlook for the advanced economies is better than it has been in several years. And including notably, and this wouldn't have been the case last year, the performance and outlook for the European Union, for the Eurozone, is certainly better than had been expected even six months ago. Also notably, and I hope you've noticed, the performance of the Japanese economy has turned out better than expected. So in essence, with the only exception now of the UK economy, basically all the major advanced economies are doing solidly, let's call it solidly or better. But I wanted to point out the differences between them that I think are interesting and worth looking at. In the US, we've seen this solid growth, we guess we have to call it solid growth. You're probably aware this is already the third longest expansion in US history. And unless you think something terrible is going to happen in the next few quarters, this is going to be at least the second longest expansion in US history, which is remarkable since no one feels that great about it. At the same time, and as was noted just with the latest news, the unemployment rate has now fallen to 4.1% the lowest since the 90s, but has been accompanied not by rising inflation pressures, but by the lack of underlying inflation pressures and the Fed's preferred measure of underlying inflation, the core personal consumption expenditure index is under 1.5% on a year-on-year basis. So on the one hand, you can say lots of good things, but business investment has remained relatively weak, which explains the slow productivity growth that has been accompanied despite the low unemployment rate by low labor participation. And in fact, although you wouldn't want to track this month to month, the latest figures have shown a drop in participation, not the opposite, and slow wage growth. So that's the US, the headlines sound very good, but some of the guts don't seem quite so fine. In the EU, we're getting better growth, and it's finally, we can say, at least trend rate or above trend rate in most cases because the unemployment rate, which remains high, with the exception of Germany, has been falling. Inflation not surprisingly remains very low, but even the IMF warns that the Eurozone's banking system remains weak, hampered by not in some countries still significant amounts of non-performing loans, and the IMF's latest global financial stability report warned of lack of profitability in many major European banks that are going to make it difficult for them to provide adequate support for the increased activity. And at the same time, the slow progress on securitization. In other words, let's call it slow progress toward the capital markets union that the EU wants to head for. So once again, the new news, the headline news is good, but somewhat has some perplexing parts. And finally, Japan, which is showing better growth, and certainly better growth than almost anyone expected, which has very, very low, I think historically low unemployment rates or historically tight labor markets. If you look at the job opening to job applicants, it's historically low, not continued, very low inflation, and in the context of a rising labor force participation rate, not a falling one with substantial increase in female labor force participation. So once again, the picture here is not uniform at all across the advanced economies with the exception of reasonably good growth and surprisingly low inflation. So I thought let's turn to our panelists and see if they have any, if that inspires any commentary. I thought I'd start with Hori-san, Hori, former senior official of the Bank of Japan, who might offer a few words on why is Japan doing better than expected.