 Europe has seen large waves of asylum seekers but the current wave is much larger. Dealing with refugees has many dimensions. Today what I would like to do is focus on the economic dimension which is our core expertise. We find that within the first five years of their arrival the employment rate of refugees is 20% lower than that of natives with the same characteristics. However this gap narrows gradually over time and that reflects several barriers. They are legal barriers during the asylum process. Poor knowledge of the local language and limited transferability of job qualifications. All this points to the importance of policies that can help refugees overcome barriers to the labor market. One, a policy of subsidies. In Denmark for instance, wage subsidies to private sector employers were very effective. Second type of policies, training and skilled provision that helped immigrants in Germany and refugees in Denmark. Third policy, access to work at temporary agencies. Native workers are often concerned that immigration will lower wages and increase unemployment. Past experience however indicates that these adverse effects tend to be limited and temporary. The Surgeon Refugees is a challenge. It's one that requires solidarity. It's one that requires that holistic approach. In our view this is a time for a major international initiative.