 I guess we're presenting the summary of the workshops yesterday. I'm John Lipsky from the School of Advanced International Studies, part of Johns Hopkins University in Washington, and I had the honor of chairing the workshop on finance and economy. So let me briefly review for you the discussions, very interesting discussions that we had yesterday with a very distinguished and very well informed group of panelists and an interested audience. First, we began by reviewing the global economic forecast, which is, I believe, on Friday. There was a plenary session chaired by Professor Richard Cooper that was based on the World Economic Outlook recently, or the latest edition of the World Economic Outlook recently published by the International Monetary Fund that featured not only a global forecast that can be described as benign and positive and included an improvement in the global forecast from the fund's previous update. The idea is that the forecast over the next year and a half, according to the IMF, contains a continuation of acceptable growth and quite low inflation. The panelists had no problem with this, and the audience in fact, had no problem with this broad approach, but we did discuss the differences and the problems that are still present in the major industrial countries that will affect the financial market, specifically in the U.S., slow business investment, which has led to slow productivity growth, slow wage growth, low labor force participation, and still a problem of long-term fiscal balance, basically reflecting the entitlement program and of course the latest tax cuts proposal of the new administration would increase, in the short term, would increase that deficit. In the Eurozone, even though growth has improved, there's still high unemployment, still very weak investment, and also very slow productivity growth, although there's rising participation, but the added uncertainty, of course, of Brexit. The surprise, I don't know if it's a surprise, but certainly the consensus was that the outlook in Japan, the growth outlook in Japan remained favorable, as has been the case for the past year, generally more favorable than consensus expectations had anticipated, and yet Japan continues with very low inflation and little success from the Bank of Japan's very aggressive accommodative policies in changing very low inflation expectations. So that's the broad situation. We talked about the risks to that outlook and found that in the near term, even though in the medium term there are certainly fundamental issues that need to be faced, but that the principal risks in the near term were those stemming from political or geopolitical developments. Similarly, we took a look at monetary policy and asked a couple of questions. One has the very aggressive, unprecedentedly aggressive policies, accommodative policies of the major central banks contributed to the creation of asset bubbles that could pose stability risks, even in the near term. Secondly, we asked if there are much of a risk, or is there a real risk, that this accommodative policies will be withdrawn in some of these key central banks at an excessively rapid pace, also containing or creating stability risk for the financial sector. And I would say the consensus of the group was that in neither case did there seem to be an imminent risk, in other words, that even though asset prices seemed high, there was no obvious trigger for a rapid decline, nor was there much likelihood of an aggressive shift among central bank policies, although we all recognized that by definitions, crises are unexpected. Problems that are expected rarely produce crisis results. We also had a very interesting presentation from the panel member from the Lebanon Central Bank about their very unusual and successful quantitative easing program. So then we turned to look at the financial sector itself, again reflecting the discussions that we had about the overall view that did not see signs of any immediate risks of serious problems, although once again, by definition, serious problems tend to come unexpectedly. We noted that since 2008, there have been very substantial measures taken to bolster the stability of the financial sector and its effectiveness, include the generalized increase in bank capital levels around the world, including the new TLAC capital apportionment for the G-SIBs, the globally systemically important banks, new regulations on leverage ratios, the imposition of stress tests, of mandated stress tests, progress on resolution mechanisms, limits on executive compensation, in many countries new mechanisms and contemplation of macro prudential policies, and discussions of extension of new regulations to what's typically known as the shadow banking sector. So a lot has been done in terms of regulation that has tended to underpin and bolster the stability of the financial sector. However, as we noted that in general, these reforms had a rather patchwork character to them rather than comprehensive in the sense of being driven by a vision of what a financial system should look like in the future and the use of regulation and supervision to drive the emergence of this new financial sector. In fact, the discussion among the group focused a bit on the incompleteness of the reforms and a perception that investment capital in many countries and many economies was being misallocated, specifically we talked about, for example, the relatively weak business investment climate in most of the industrial, the advanced economies, and similarly about the substantial need for climate change finance that was not available at this time despite the obvious need to develop such financial resources. We talked about the incomplete reforms with regard to the shadow banking system and in fact the potential problems reflected by the emergence of new instruments such as the exchange traded funds that have become huge in the last few years. We talked about the risks that seem to be associated with the increased concentration in the financial sector, about the lack of even though efforts have begun to implement macro-prudential policies that it would be hard to say that those reflect effective mechanisms at present. We discussed briefly the innovations that are typically called fintech financial technology, the impact of technology in the financial sector, but of course that's a very broad term and virtually every financial institution of consequence views itself as substantially driven by the need for technical innovation and the new developments in information technology, so to say fintech is rather a broad and diffuse idea. Similarly, we didn't have much discussion of the press darling of cyber currencies recognizing that at this time they are tiny in the context of the global financial system even though they're fun to talk about and similarly the likelihood, the implicit likelihood that if they became, if cyber currencies became more prevalent that they would be made subject to effective regulation, but still the, as I said, the discussion, although recognizing the substantial progress that has been made since the crisis still reflected a sense of first slight dissatisfaction at the patchwork sense of regulatory reform, comes at the same time a recognition that despite the apparent relative success of counteracting the negative effects of the financial crisis on the global economy that in fact there is no effective mechanism that has been put in place for crisis prevention in the global financial system. The IMF specifically has no crisis prevention instruments available to it and moreover the current scale of resources available to the fund are certainly inadequate to deal with the counteracting or preventing a global crisis. Nonetheless, as I said, we shouldn't lose sight of the big picture which is number one the global economy seems in relatively good shape that the near term outlook remains a favorable one that the financial system is enjoying the in many senses the very high, the very significant increase in asset prices and increase in activity. So near term smooth, reasonably smooth sailing have to watch the problems and there needs to be continued focus on improving the structure of the financial system. Thank you very much.