 issues, and I'm sure that we will have a first echo of some of the real issues you mentioned with Bertrand, who has been in the World Bank and is in the private sector. Yes, so with some people around the table I could also share some oral stories as Massoud tried to incentivize me to go, but I will try to resist that temptation. Let me start with celebrating a good memory. 200 years ago, in 2015, the entire world agreed on a new roadmap for our economy. We called it sustainable development. We added the Paris Accord in December and previously to that we had the partnership for development signing in Addis. So in 2015 we agreed that the economy should be more resilient, more inclusive and more sustainable. And everybody agreed, everybody signed. All our governments are part of this roadmap. I remember at that time one of the questions I raised was it's great to agree on objectives, how do we pay for this? How much does it cost and who is going to foot the bill? And one of my contributions was the report from billions to trillions. Here we are, eight years later, we are both totally off track and at a turning point. The number of billions available is, let me be optimistic, still the same. And the number of trillions needed has grown precisely because we are off track. On top of that, I mean we've discussed that yesterday and this morning, we are facing centrifugal forces wherever we look. You call it poly crisis, perma crisis. You have the geopolitical issues, economic tensions, the financial change of paradigm, the raise of interest rates, inflation, social, AI, et cetera, which basically move a number of people to look inward and not outward. And I think it is a very important issue. People are less and less interested by the rest of the world. And to a certain extent, I have sympathy for that approach. And so you see the results in a number of big gatherings, be it the G20, be it the BRICS, being the discussion around the loss and damage. So last year we celebrated as a success the creation of a loss and damage fund. And last week or two weeks ago, people say, well, it's going to be difficult and we don't want the World Bank to be in charge because the World Bank is American. So that's the reality. I mean, we are facing a global gap. So people now are playing the global south against the global north or the global west. And the tensions abound. I was sharing with Jean-Michel over lunch a quote from Marguerite Ursunard. Some of you might know her. She was a Belgian writer. Actually, she lived and died in the U.S. And she wrote a book called The Memoirs of Adrian. So she put herself in the shoes of the Emperor Adrian, aging in his villa north of Rome and reflecting on Rome and the fall of Rome. And he said, I know that the fall of Rome will arrive. How can I delay that moment where the barbarians outside and the slaves inside will rush onto a world which we ask them to respect from far or to serve from below? And then he adds, but I would like them to love Rome. And I think, I mean, it has some echo with the situation we are facing today. And so we are facing this tension. And it has an impact on what Massoud described. So we are facing challenges. The roadmap we agreed in 2015 requires trillions. I mean, it looks a little bit surreal to a trillions to trillions. And we have to find these trillions in a world where market conditions have changed. And I think a number of the speakers will discuss these market conditions. For example, where the policy mix is changing as well, fiscal stress, the role of monetary policy has changed. And when the governance, the global governance is more and more fragmented. So in a nutshell, private flows are diminishing. They are minuscule and they are diminishing. It's less than 4% of European AUM which goes to emerging market, less than 2% of American AUM. So it's very small. It's diminishing for a number of very rational reasons, interest rates. For a small mutual insurance company, why would you want to take a risk in RDC or in Morocco if you can get 5% on US Treasury? It's very straightforward. Second, industrial policy. The Green Deal and IRAs are required to mobilize local savings. So here again, the French government example, put money in the French tech. Put money in this. Put money in this. So there's nobody left for the rest of the world. Everybody's doing the same. And on top of that, as I said, the inward-looking perspective of a number of clients, I mean, I've heard pension funds and people telling me that pension funds don't want their money to be used elsewhere. We have enough problem at home. Why would you move my money to help these people? Whereas in my country, we have also suburban issues. We have also transition issues, et cetera. So private money is under stress. And on top of that, of course, Basel 2, Basel 3 and Basel 2 and the rest don't help or provide good excuse not to do anything. Public flows are under stress. In real terms, the flows to Africa have diminished. And there are a number of reasons for that. I mean, fiscal stress, but also Ukraine, refugees and the likes. So money is not going there. And you have the tension that Masoud highlighted on the one end development on the other climate with the same pot of money. So you're adding a number of priorities with the same pot of money. So all of this was solved in Paris with a summit on the Global Financing Act. If you remember, there was a joint op-ed by Biden, Macron, Sunak, Ramaphosa, 13 or 15 out of state, which basically says it all. The green transition that leaves no one behind. Hallelujah. So that's exactly what we should aim at. But the reality is far beyond the headline. How do we get there? And on top of that, we are adding to the equation norms and standards. I mean, let me call it ESG. I'm a fan of this, but the reality is that we're imposing this on the rest of the world. I wouldn't want Europe to become Bobo Land. You know that to impose on the rest of the world a number of very nice expectations which don't fit the capacity of a number of countries. So let me conclude with that. I think we really have to really shift the needle. We have to, first of all, recognize the issue that was the benefit of the Paris summit. It put the issue on the table. There is a divide between the south and the north. There are real reasons for this divide. There are financing problems. We have a lack of money and we have a multiplication of objectives and we have very few places where we can do this properly, including, as Massoud said, within the MDB international system, which is less and less fit for purpose, very unfortunately. So it's very difficult to follow. And that's because the issue will be handled if we are able to join forces. And of course it's easier said than done. Join forces meaning that the countries, the receiving countries should do something that the MDB and DFI should also change the way they handle things. That we address a number of the normative issues which, of course, in a universe where risk is the name of the game, people are less tempted to do. So good luck to the people who want to change Basel through our solvency too into this world. And we have to mobilize investors. So it seems that it's quite difficult. And the big issue, and I conclude with that, Massoud said, I said and we said that we need to increase the money in the system. That was a billions to trillions equation. I think it's still valid. We need to put more money. But maybe more importantly, we need to add a new chapter which will be from trillions to millions. Even if hypothetically we got the trillions, I don't think we would be able to use this money. I'm very serious about this. And you see that with the EU plan. I mean, we are supposed to have 800 billion. I mean, the big chunk of this million cannot be spent. So that's the issue today. I think we are facing a fantastic, I mean dramatic and fantastic situation and we really have to revise our operating system fast. If not, we'd gather next year and it's going to be even more problematic. Thank you. Thank you very much indeed Bertrand. I don't want you to react. I was looking for your criticism of the promises that were simple promises with figures and were not at all respected, the 100 billion. But for instance, it is a catastrophe. Everywhere I go, they don't speak of trillions. They say, no, you said you would ship 100 billion and we saw nothing.