 We've spoken a lot about policy today, so I think I'm going to talk about three less policy-oriented things. First of all, look at developments around corporation tax revenue, because I think some issues around that may not be all that clear, well known. Secondly, look at the competitiveness piece on FDI, which is particularly important for this country. And then finally, in keeping with the controversial theme, discuss the issue of the global abolition of corporation tax altogether. Okay, so to start, there's no doubt everyone agrees there's been a race to the bottom in corporation taxes. Now a lot of people talk about race to the bottom in globalization, but when you look at it and you think about things like environmental legislation, health and safety legislation, if you look at the amount governments spend as a percentage of GDP, it's very hard to find examples of this race to the bottom because of globalization. With this one exception, corporation taxes, the rates of corporation taxes have been falling over time, and that's a long-term trend, and that's pretty clear and it's very closely related to the issue of FDI, of attracting FDI. So that's the turn of the century to 2013, nearly every country has seen a decline. But what you may not know, and I think most people don't know, and I don't think it's been alluded to today, tax revenues are going up. This is half a century of obviously tax data, corporation tax data. As a percentage of GDP, you can see the trend has been clearly upwards and it's been particularly marked in more recent times. Now, the decline that we've seen since the Great Recession is pretty obvious. When you have recessions, profit, companies go to the wall, but as you can see, so there clearly has been base erosion, but how big has the base erosion thing been, given the trend has been upwards, and just the next slide I throw Ireland in here, and Ireland's in the blue line this time, but as you can see Ireland's a very unusual pattern from 1965 to 1990, it was declining and then shot up again as globalization took hold. So Ireland's a little unusual. Now, let's look at this from a slightly different angle. Let's look at corporation taxes as a percentage of total tax. You broadly get the same picture, OK? About 8% to 10% of OECD countries, their corporation, of their taxes, about one in 10 euro dollars, whatever comes from corporation tax. Again, the trend is largely upwards. So while base erosion is having an effect and the reduced rates are having an effect, the amount being collected is rising. Maybe something to discuss later on in the session. OK, let's look at the FDI thing. Now, a lot going on in FDI. Is Europe being left behind? Here's a picture of a graph of global FDI and Europe's, the amount of inward investment Europe is attracting, foreign direct investment. Now, what you can see here is FDI is the deepest form of economic integration, much more than trade. It involves a much bigger commitment. It brings economies much more closely together. You can see, sorry, wrong button, here in the 1990s was really the decade of globalization. And then we had a big decline in the early 90s of the recession and it rose again. But what's kind of worrying is here, how Europe's, the inflows into the EU have declined quite markedly as a percentage of the total. That's one way of measuring FDI. Another is to look at the aggregated annual inflows, in other words, the stock of FDI. Another sort of important point about competitiveness and what we're looking at is the rise of developing Asia, i.e. non-Japan Asia. So as a percentage of the global stock of FDI, we see a very, particularly over the past 10 years, a big increase. So what's going on there? We're seeing a growing number of Chinese Indian companies reaching the critical mass, where they're not just exporting, but they're going and they're locating in other parts of the world. To my mind, one of the most crucial public policy issues, and I know I said I wouldn't talk about policy, but is for this country to replicate its success at attracting US investment here to serve the European market, to replicate that for rising Asian companies would be a real achievement. It's something that I think we certainly, the policymakers, are targeting, but is a real priority. And this one, just in terms of Ireland's way, Ireland's attraction of FDI, the UN over the past 10 years has looked at it in another way. And that's the number of greenfield projects that different countries attract. And that's particularly important for Ireland, because we attract a lot of those, first of all, proportionately. And secondly, the IFSC tends to distort our FDI flow and stock data. So this next graphic shows Ireland's proportion of all global FDI greenfield projects and the number of projects coming into the EU. And as you can see, the trend is pretty good, broadly on a global basis, we've held our own. And interestingly, this was the height of the domestic bubble, and since then there's been a rise of dip, slight dip here. But interestingly, the bailout and all of the reputational issues around that doesn't seem to have affected the attractiveness of Ireland as a place for FDI. OK, so maybe finally go on to the more slightly controversial. Why do we pay corporation tax, or why do companies pay corporation tax and what's the idea? Well, obviously governments tax anything they can, because they need revenue. But there are a lot of reasons why, to question whether or not corporation tax is actually a good idea at all, one is complexity. Everything we've been talking about today, it's extremely difficult to do, to tax companies and to agree regimes. And as Pascal said earlier on today, the challenge won't be 2015 to make the agreement on doing it. It'll be the implementation thereafter. So it remains to be seen whether it's really possible to organize a global corporation tax regime in a highly globalized world, and all that complexity does make it extremely difficult. The other reason is kind of deeper. OK, so how do companies, we all want investment. Everybody wants investment. Investment is something that everybody across the political spectrum thinks is a good thing. You increase the productive capacity of an economy and people get richer, they become more productive. So investing in machinery and roads and buildings, this is a good thing and everybody agrees with it. We don't have enough of it. Now how do, let's just say that in most developed economies, governments spend about one tenth of capital spending compared to the private sector. So the private sector is overwhelmingly accounts for capital accumulation in any developed economy. And it's usually ratio of about one to 10. Now how do companies invest? Well, they can borrow or issue equity, or the big way for many companies is to reinvest profits. Now the more you tax profits, the lower profits are, and the less you can invest. And there is good evidence to say that the higher the corporation tax rate, the less investment, how it dampens investment. So if we all want investment, why do we tax corporation profits? And you could make the argument that a corporation effectively has been one of the most successful inventions ever. It's a wealth creation machine. And corporations are not individuals. The whole beauty of a corporation is that it depersonalizes the wealth creation process. It brings, it allows people to come together who are not related to each other often and create wealth in huge amounts. And it's private companies that create the vast majority of wealth in the world. So the argument, you can very easily make the argument that reducing or lowering a abolishing corporation tax altogether would both increase investment and avoid the need for all these hugely complex efforts to try and coordinate efforts to make the regimes more effective. But of course, there are reasons why not. Governments need the money, as illustrated earlier on, about one in 10 euro tax dollars each year is collected from corporation tax. So just to sort of end on the design of how, if you were to replace corporation tax with personal taxes, where ultimately corporation taxes that aren't reinvested or distributed and people pay tax on those, now there is, of course, to replace those. There's a case then to increase personal tax and designing a tax system that makes sure that the people who benefit from a reduction in corporation tax or an elimination of corporation tax may not be a particularly difficult thing. But again, I go back to what Pascal said at the beginning and that was that something areas around bank secrecy were quite easy to do and certainly easy relative to designing a global corporation tax arrangement. And ultimately, it's much easier to stop personal individual tax evasion than it is to design a system to prevent corporate tax avoidance. Thank you.