 Mae'r gael sydd gydig iawn o'r mhau twf iawn yn Cymru, oherwydd mae'r dweud y ddweud y gwynhau têl yn gydweud y ddweud, yn gwybod arddechrau, ac mae'n gwybod yn gwybod ar y ddweud i gael a'r graffydd. Mae mynd i'r ddim yn ychydig sydd wediír gael ei chynnu cyddiadol wedi ail hyn yn ddysgu eu phryg yn ardechrau? I think that there will be a change, measured over decades. It's very hard to predict exactly. That which is unsustainable tends to go on for longer than you think and then happen more quickly than you expect to paraphrase Rudy Dornbush. But I think that these structural flaws in the end in the system will ultimately result in a change. And the rise of China, the relative rise of China will also result in a change through these two forces. And the question I'm trying to raise is do we get ahead of that change or do we help manage that change and affect some sort of rebalancing of the system. And to be absolutely clear, when I say we, I'm talking not about the central banks, the public side as opposed to the private side coming up with an entirely different decentralized system. So this is partly where we may part company at that point on the issue of the solution. I'm all in favour of choice. Yeah, exactly in favour of choice, but just to be clear. Thank you. So can I ask the other members of the panel if they share the governor's analysis in the speech, because I feel confident you've probably read it. If you haven't do so, you can look on to unfairly, really on something you haven't read. Doctor, how dain? Do you too broadly share the governor's Freudian slip then? I've read it twice actually. And I do, yes. I mean, interestingly, I doubt there's very much strong pushback on the diagnosis. This asymmetry has been here for quite some while, at least since the breakdown of Bretton Woods. I agree with the governor that those tensions have become more acute of late, as many economies have become in some ways more dollarised, at least in terms of the debt that they issue. There's no question that the one solutions and the governor floated one in his speech. The synthetic hegemonic currency. Crips out of the tongue doesn't it? That's another three-digit acronym. It's definitely towards the ambitious end of the spectrum, but that is just now is the time for ambition on these big issues. So, broadly speaking, I very much share the diagnosis. Thank you. May I ask, can I ask the other two panels to come in first? Very quickly, I'm very supportive of what was said. There's a hard nut to crack because, as the governor says in his speech, these network effects are very strong. When everybody is using one currency, then there's an incentive for everybody else to use his own currency. So, that's a hard thing. There's a hard nut to crack, but I share. I agree with that. Ten years I've been banging on about the international financial system that is going to change, but here we are, we're making progress. Dr Flagan, what would you like to add on the governor's speech? So, I made the same point about the impact on the global economy of an asymmetric tightening in the US when the rest of the world is not doing as well. I made that in the beginning of the year as being a key source of the tensions that we've seen just in the most recent slowdown, adding on top of the trade war. I don't really have anything to add on the long-term solution to this, but it's one of the things that we take into account when we evaluate the strength of the global economy. The governor wants to come back, and I'll work to wrap up. I'll make a quick point, if I may, which is, and I want to link it back because you rightly started off on taking a step back, looking medium, longer term. And one of the things we've tried to do as a bank is to step back and think about, okay, where's the financial system going? We talked earlier about SMEs, but the payment system itself, and how can that be improved? There's a variety of ways that it is being improved, and there's others. But one of the issues, which is links back to the speech, is whether or not there are going to be central bank digital currencies in order for there to be instantaneous, costless payments domestically, and potentially cross-border, which will be to the benefit of citizens and businesses, in particularly small and medium-sized businesses, but all businesses. And the question is whether, if that could, could that happen? The answer is yes, it could happen. In fact, Mr Haldane is helping to lead our efforts in thinking about how the various ways, and there's more than one way you could do it, and various avenues to do it. But the question is, if you do have that happen, does it make sense to do it on a coordinated fashion with some of the core central banks, which brings benefits in and of itself from a cross-border perspective, but happens to be a component of a more seamless rebalancing of how transactions are priced? Because, and I'll finish with this, it's not just about the financial spillovers, although those are incredibly important, and they're one of the reasons why the equilibrium interest rate is so low. And Dr Glegan, another speech pointed out that why the left-hand tail risk is higher. But it's the fact that a disproportionate amount of real transactions, purchases of goods and services, are priced in US dollars, even when the two countries have nothing to do with the US, they don't touch the US. And as more and more activity moves online, the question is what is the currency of choice online? And could the currency of choice online be better balanced between a basket of central bank digital currencies, which is not a new currency but is a back-to-back of those? And that's the question on the table. So I think if I were to sort of pick up, to me is the highlight of what we've heard, you've explained that in the long term, I think I should emphasise those watching, it's in the long term that we've got a system which is unsustainable and cannot go on, will go on longer than anyone expects and then will change faster than anyone expects. It feels to me like that in such a moment of change globally we'll need leadership from global institution. Dr Howe Dane, won't we? What kind of institution might provide such global leadership on monetary reform in such circumstances? Where should we look for leadership to move this conversation forward for the whole world? Well, I mean that there are a number of international financial institutions who are charged with thinking about just these questions. And you know their names. Some of them are also thrilled to acronym. But I hope within that, and Mark is very much in the forefront of RFXs as an institution to put ideas on the table for reforming all of these things. London and the UK still is home to one of, if not the world's biggest global financial centre. We have over the years as an institution given huge amounts of thought to redesign of the international monetary system. And I hope we can continue very much in that vein. So we, I hope, would be among others in helping to charge. So can I save you? Because I'm very confident you will be amongst those. But I'm also confident that the IMF will be amongst them. And I promise I won't press you too far on this, but the journalists watching will know where I'm coming from and will have looked at my Twitter feed. I feel confident and will now. Do you think that the IMF should be led by a politician? Or do you think it should be led by somebody who really understands these issues in detail and can articulate what should be done in order to address these kind of root causes? Is that a question for me, Mr Baker? I think I've made my point for those watching, but I wish you well.