 Increasingly, a hub for commercial transactions, offline and online and offline, 90% of retail is actually still conducted offline, which to this audience might seem somewhat surprising. But what might not be as surprising to you is that, or maybe it is, that 40% of those of all purchases, including a lot of those purchases offline, actually start online. So what it means is that marketing departments around the world, certainly here in Europe, are rethinking their strategies about how they connect with their customers. And yes, that results in a lot of pressure on traditional media. But it's really not, you can't blame the internet, but you have to really understand that companies are going where the customers are and using ways to go after them. Now this process is going to intensify. The industry figures for the US, for example, suggest that a consumer spends 32% of their time online, but advertisers are only placing about 14% of their business online. So again, there's still a gap there, and you can certainly expect that gap to be closed. But I think the really interesting story is what's going on in the real economy where SMEs, small, medium enterprises, size enterprises, are developing and selling all kinds of new products and services. A couple of weeks ago, we actually published some data showing the impact of the Google ecosystem on the US economy. And I think some fairly conservative measures came to about $54 billion. And much of this, really the lion's share of that is about small and medium businesses who are web publishers, who run ads, small businesses, who advertise on Google. Really the long tail of businesses. So that's a remarkable development that the web is of course facilitating. Thomas Jefferson would be proud, who's the champion of small business. The next wave of innovation on the internet is going to bring a tremendous opportunity for society and the economy alike. But this opportunity will depend on maintaining the openness of the internet. It's a platform for innovation and for creativity. Openness, as everybody here knows, is at the heart of the internet. We like to think we have the father of openness at Google VentSurf, who I know was here last year. It talked a lot about this and has a great view about it. But we really can't kid ourselves. There are some big forces that are aligned against the open internet. We have governments who fear the free speech that's made possible by the internet and all the new tools that it presents. China's only the most prominent example, but there are many, many others. And the commercial forces that see proprietary as being the sole.