 The first observation for the two years before the presidential election, all censors showed that Marine Le Pen was going to become the president and that she was going to be defeated whoever the opposing candidate. So the presidential battle, who's already taken place as to the identity of the person that was going to become president. Unfortunately for France, so it was Emmanuel Macron and we didn't have to choose between Mr. Mélenchon and Mrs. Marine Le Pen, which of course was conducive to a positive shock, but that's not the seminal topic we need to address. So Trump's action has not yet been understood by the Democrats in the U.S. by the leftists and the liberal parties elsewhere in the world, especially that the middle classes have an increase in reluctance as to globalization and as to European integration. So Democrats played different cards, those of ethnic sexual minorities, which created of course a kind of intellectual earthquake whose impacts are still felt. Second observation, the world vis-à-vis Trump is divided between a few officials who are very happy, starting with Mr. Netanyahu, but he's not the only one, so Iranian officials are wishing for the breakdown and collapse of some agreements, which makes many stakeholders quite happy. So China of course is benefiting from the errors of Trump that it's trying to optimize to the maximum. There are those that are clearly fearful of Trump's policy, namely Mexico, President Rouhani in Iran, the Pakistanis, the Chinese, I know too also speak about those that are destabilized and that are worried, namely countries that are protected by the U.S. since the post-war, which is the case of Japan, South Korea, Australia, as well as the Europeans vis-à-vis is such a situation with clear concerns as to Article 5 and for NATO, however there is direct concern and direct anxiety and for the rest, including the Russians, they are waiting, then they try to get along with the phenomenon with different variant tactics in Europe, so and I'm speaking here about tactics and not strategies between Emmanuel Macron that seeks to have personal paradoxical relationship with Donald Trump in order to reduce the shock versus those miracles tactics which are altogether different, same, this brings us to the scenario of implosion system is so absurd that everything will end up exploding one day or the other, therefore it's not viable. So there is also the impeachment scenario, which is very unlikely to happen because that means that the Republican elected officials let Trump down and therefore he will always be supported by his voter space and who are not expecting much from him, so impeachment is not impossible but it's unlikely so far. Another scenario which is very unlikely to happen also is that Trump becomes more professional, so what do we know about him? So it seems quite unlikely that he be professional and he did say this and he clearly and orately in his campaign, I will be unpredictable did he say and this is exactly what's taking place, then pursuing the system as it is taking place so with much confusion and I'm not even discarding the re-election scenario because if on the Democrats side so minority versus majority dichotomy is not surmounted so we can't have a candidate that will be in the capacity of standing in his face so many scenarios that are or quite arbitrary and it's quite destabilizing in the controversial America today. So what to do and I'm speaking about the sisterly nations, the allies. I think that Mrs Merkel did say the most influential argument, Mrs Merkel after having met Trump in July said we can no longer rely on them, therefore we need to become better organized by ourselves for ourselves and our means the Europeans, however the Japanese could adhere to the same thesis. So in a very short time there's going to be the Iran agreement and the whole world has been quite responsive to the climate agreement and we means the entire world including the corporates for Iran is going to be more complicated so other signatories such as the UK, China, Russia, Germany, would they be in the capacity of implementing a potential practice the agreement particularly from a financial point of view while trying to protect themselves from retaliating American measures and it's going to remain a pending question so that's it and I will by way of conclusion make one more point the fact that I don't think that Trump is going to be just a parenthesis or a quotation in a longer statement that afterwards we're going to have a more or less quote unquote normal candidate. Then how do I start it and being triggered under Obama so in terms of America's distance to vis-a-vis its traditional classical role it was very difficult to understand and decipher under Obama who's quite charming seductive but there are elements that show that from now on it's all going to be kind of relative leadership so those that for more than half a century have worked closely with the US need never dream about reverting to a normal quote unquote world order with America after the upcoming elections thank you.