 So, I now turn to the first panelist, Mazoud, you have the floor. Thank you very much, Jean-Claude, and thank you Thierry for organizing this miracle. I think for many of us it is the first in-person international event that we have attended in close to two years, so thank you for that. I want to pick up, Jean-Claude, from where you left off and set out why, how I think the process of globalization and the management of globalization is going to become more complicated in the years to come, and let me suggest that we can think of this in terms of different forces that are going to be working not necessarily in the same direction and which have to be balanced and managed, and I'll offer you five very quickly. The first one is economics. The law of comparative advantage has not gone away. It still suits corporations to think of having a supply chain around the world that enables them to be effective and to produce their products as cheaply as possible. Technology and trade have now expanded that into services, so you see finance, you see other areas where the same kind of globalization is happening, and there's also a huge investment that's been made in global supply chains, so it will be very difficult to unwind them even if the political forces want you to do that, so the economics is going to push us in that direction. The second big force that is going to keep pushing us is demographics. This week in Europe there is a lot of discussion about the shortage of truck drivers and how that is holding up the transport of vital goods, but shortages of labor are going to be a feature of European life for decades to come because the labor force is shrinking, and at the same time in other parts of the world, notably in Africa, population is growing, labor force is growing, we're going to have the population of Africa double and then increase again by the end of this century. On top of that there is a movement of people that is going to be triggered by conflict, by environmental degradation, so the demographics are going to lead to a lot of global movement of people, and this is the one area where actually we are least developed in terms of how to manage it. Our systems are not very good at coping with the movement of people. We have developed the capacity to regulate the movement of goods, little less services, but least of all people. Now against this however, I would say there is also one other political objective which pushes us to globalize, and that is what I would think of as the rise of global public goods. So this is a growing recognition that our lives are impacted by events that can only be managed through global coordination. Obviously the pandemic, this is the one that becomes so clear, obviously climate change, but beyond that if you think about AMR, you think about rules on the use of artificial intelligence, you think about cyber terrorism, biological terrorism, all of these will require rules that have to be global, at least covering a large part of the global community. At the same time, look at the difficulties we are having today in coming up with an effective global response, even to the current problem of the pandemic, which shows that there are other forces that stop us from moving in response to these three factors that are pushing us to coordinate globally. And these two forces are one, the one you just raised, very much the populist backlash from left and right. Although they come from very different values, their visions of society may be very different, but some of the problems are similar that drive this reaction. It's the inequality, it's the sense that the rules don't benefit everyone, some people get left behind, it's the sense of financial crisis, I think people are still recovering from the shock of 2008. And I would say it's also a sense of not being in control of one's own destiny, feeling that your lives are controlled by some abstract group of people or some institution with which you don't relate, and that's why it is pulled back to want to take more control. And so much of this is driven by the slogans around taking back control, putting yourself first. Of course the evidence shows that all these attempts to take back control are more rhetorical than they are real, but rhetorical things better. And the final thing I would say, which is going to be a big force also, is the growing rivalry between the US and China. And if you sit in Washington, that's where I sit, it's very hard to escape. Just how all pervasive the rivalry with China is in thinking about policy. It makes cooperation quite hard. Give you a case in point, last week the White House hosted a global summit on COVID, 100 countries and partners at this summit. China is the largest producer of vaccines, it was not present at that summit. Give me another example, some of you may have seen this statement by China's foreign minister Wang Yi, responding to John Kerry's plea to cooperate on climate, and I'll quote his sentence, what he said. He said, the US side hopes that climate cooperation can be an oasis in China-US relations. But if an oasis is surrounded by desert, it will also become desertified sooner or later. So the big question is, how can you, how effectively can we find ways to coordinate and cooperate when the two major economies are going through a process where they are rivals in ways that are spilling over into this effort to cooperate and coordinate. So where does this leave us? We'll have a lot of discussion about where this leaves us. But let me just conclude by saying, I think we have to recognize that the management of globalization is going to be not simply a question of economics and finance left on its own. It has to be much more integrated into thinking about domestic and international considerations of political reality and of security, and trying to bring those things together will make the process much more complicated and require a degree of whole of government engagement in managing the elements of globalization, which up to now we have tended to leave to some parts of government and mostly to the private sector. So let me stop with that, Joe Claude, and look forward to other comments. Thank you very, very much indeed, Masoud. It was very clear. I like very much your stress on these global public goods that we have to preserve, and the fact that global governance is more and more complex with the particularly political element, which is stepping in.