 Daniel, you have the floor. Thank you, President Trichet. I'll try to be very brief with the matrix of what I see of major developments, ongoing developments in the global space. Some of them I touched upon last year, but it seems to me that they are more visible nowadays as an age of major, huge disruptions. And seemingly it's an increasingly wild world lacking order and a lot of fragmentation and dissonance in many respects. Massive erosion of multilateralism. It's like an earthquake which is happening in view of what has prevailed after the Second World War, the so-called liberal international order. Currency and trade wars, an erosion of the transatlantic relationship which is quite dismaying for Europeans, but also for Americans. Geopolitics very much on the agenda and the confrontation between the United States and China. I mean to listen to one former European Prime Minister to say that we are threatened to turn into a colony. I mean that is mind-boggling. I mean the wording is quite... I think that was not adequate. Totally inadequate. It's like saying that Australia is a colony or a New Zealand. And those countries are not members of the European Union. I mean one has to be a little bit wiser, especially having a background as a former Prime Minister. I'm very candid with you. Now, the shift of economic power which is inexorable and I believe that at the end of the day Americans and Chinese have to strike a deal for the sake of global common goods. Fourthly, there is a sense of desperation and think about central banks under pressure. Thinking again, I mean a new round of QE's. Think again of major fiscal stimulus. And it's true as Olivier Blanchard said we have a different regime now with the neutral rate. Very low, it's true. But I'll make a fundamental distinction in this respect. What central banks of reserve providing countries can do, emerging economists cannot do. So it's a different ball game. Shadow banking, and I'll get back to it when I have more time, I think banking poses enormous systemic risk. And I'm asking myself who's going to provide the land of loss of reserve function in capital markets. Just keep in mind what happened in the rapid market in the United States lately. Now, climate change, I agree. It's also about capitalism or economic systems. It is very much true. I think which is crippling our banking sectors, huge exposure to sectors which are going to be impacted negatively by climate change. Climate change is an existential threat, probably more than artificial intelligence. And I fully agree that. And I agree that the business models have to change and I welcome the letter of the 130 CEOs. But I don't know how much hypocrisy is there. Whether they realize that something has to change, that companies have to respond to stakeholders not only to shareholders. So it's, in our society, it's too much of a winner-stake-all game the way our economic systems function. And ultimately, that's going to bring democracy down. And this is the fundamental threat we are facing. Whether you are a right-winger or a left-winger, it doesn't matter. If you believe in democracy, you have to do something about it. Okay. I'll stop at it. I have more to say. Libra for me, it's a huge challenge. A huge challenge. If parallel currencies are going to proliferate, central banks are going to lose control of their monetary policies. Thank you, Mr. Chair. Thank you, Enid. Very, very much, Danielle. I take it that one of the connections between what you said is that in the McCarney analysis where those entities, private entities, public entities that would miss the enormous transformation that are coming might create financial risk of first magnitude. And it is another way, a negative way to look at what's happening and the addition of various financial risks.