 Mario Monti, welcome. You are former Prime Minister of Italy, former very senior and well-respected European Commissioner. You've just said that Europe suffers from too many political leaders who follow rather than lead. What did you mean? This is not just the case of Europe. I'm afraid that although Europe does offer abundant examples of this, if we turn to the US there is not less populism around these days than we have in most of our European member states. Well, it's the drift, the evolution in our national political systems that has politicians both in opposition but also in governments. Look more and more at the short term and also the frame of the political debates is very much short termist. To win a political debate and ultimately to win an election you must make an argument in ten seconds and that lends itself more to simplistic arguments. It's the tyranny of the electoral cycle and the tyranny of the soundbite. Absolutely, so very well put. What does this mean? You could win an election. I don't think I'll stand but what does that mean for the possibility of a Brexit or indeed a Grexit but the Grexit seems to have disappeared for the moment. Yes. I'm not too concerned about Brexit or Grexit. They ultimately in my view will not occur in the case of Brexit in particular because we know that it would be followed by Scotch, Scotxit. I don't know how to pronounce that. I'm not sure what a Scotch exit would be. I fear more a sort of a disintegration from within the European Union through this phenomena of shortening time horizons, increasing populism and nationalism in all our countries. Of course, UKIP is a case in point but we have those forms. But in that case what role, you come here to the WPC often. What role can the WPC play? A role should it play? I think it does play an important role in making the leaderships better aware of the interdependences. Of course the WPC is not attended by everyday citizens, ordinary citizens for that there are other instruments of communication and of common awareness making. This is for the leaders of countries, of cultural movements, of international institutions and I think it's a very useful exercise because indeed this also is an intellectual political contribution towards winning the temptation of isolationism. Mario Monti, thank you very much indeed. Thank you.