 So, Kemal, we'd like to start with you trying to deal with what I think is one of the most troubling issues in the international economy today. That is the crisis of multilateralism. Kemal Dervish. You could have said on my left without yoga. Let me try to make four points. The first point is that when multilateralism is kind of celebrated among people like us here, in a way, we have to remember that multilateralism was for a long time not global multilateralism. The Soviet Empire and then the developing countries had a very small stake, very small thing to say on multilateralism. So, it's a little bit strange when those who benefited the most from multilateralism now all of a sudden regret it's diminishing. Multilateralism, I think, probably reached its peak in the 90s once the Soviet Empire had collapsed. And one could see, if not with Fukuyama at the end of history, one could see an overall world which was taking steps towards multilateralism with China joining the WTO with almost all countries in the world being part of the IMF and the World Bank. So, there was a short period where multilateralism was truly international multilateralism. And it is probably true that if in the period before that the United States and Western Europe and Japan had taken a more, let's say, generous or open approach to the overall world economy, we would have had a true multilateralism which we actually never had. Now we are in a much more multipolar world, although the U.S. and China are by far the two giants that are dominant these days by any kind of measurement one may want to take in terms of GDP or population and so on, weighted, and these are the two big giants. And then there are many medium and small countries. So the question is, will a new multilateralism come with this time China playing an important role and with the developing countries at the emerging markets playing a much more important role than before? I think that's the real question. It's not the question, have we lost multilateralism? We never had it in that sense. So that's my first point. The second point, more on the economic side, about two years ago people were talking of the world economy slowing down. Larry Summers, Robert Gordon, many others had a very pessimistic view of the world economy. Robert Gordon wrote a book which is comparable in size to Piketty's book. I don't know, I haven't measured exactly which one is saying the rise and fall of American growth. And what I think what has happened in the last year or so, year, year and a half, all this has more or less gone. I mean, today secular stagnation or the rise and fall of American growth are no longer a la mode. There is growth in the world economy. It's fairly widespread. It's led by the United States and China, but it is much more widespread. And therefore the question of what will happen in the future is much more open than it was two to three years ago when the majority of analysts were thinking of a slowdown in the world economy. And here it's very hard to put everything into seven minutes. I think one of the key issues really is the new technologies. Will the new technologies bring widespread growth or not? And I won't justify my opinion here, maybe during the discussion I will. I think it will. The new technologies will bring rapid growth in the world economy. There was a time two, three years ago when we could have argued that this growth was confined to small sectors, small parts of the economy. But I think right now it has become so widespread that there is no question there is a very rapid growth potential in new technologies and that these new technologies, contrary to what Robert Gordon said, are of the kind of electricity or the steam engine. They are really transformative in terms of what will happen in terms of world growth. But what is not clear is whom it will benefit and what will happen with income distribution. There are very strong tendencies in the new technology diffusion for income distribution to become even more unequal. And there's also a question mark whether the poor countries and even the emerging countries will be able to catch the new technologies with the same kind of vigor that they had caught manufacturing growth. And the fourth question therefore is that the new multilateralism that we were talking about has had, for it to take root and for it to fight the kind of populisms and neo-nationalism that we see, we must talk not only about growth but we must also talk about income distribution. Income distribution both in terms of across the world, across borders, and income distribution also in terms of within country income distribution. The real challenge I think for the next five years is to arrive to discover a path and a set of regulation and a type of multilateralism that achieves that. And here of course I think one has to be very cautious and one cannot be very optimistic about that. Thank you. Seems realistic, and that will be optimistic.