 So, I suspect that we have the instruction not to try to delay at the end of our meeting. So I take it that we try to terminate this exchange of views around 7.30, something like that, if it is agreeable. We will see how it works. And I am also extremely happy that you have accepted to be the rapporteur. So, we all count on you. Because the experience demonstrates that our exchange of views are always extremely diverse and they are covering a lot of terrain and it's very multi-dimensional. So for those who have already participated in this seminar, I should not introduce the speakers, but there are those who have not participated in such a seminar. And I thank very, very much all those who have accepted to speak and have accepted also our rule of the game, which would be to speak in concentrating the messages in five minutes in order to multiply the exchange of views, the questions, and the dialogue, and why not the quarrels from time to time. Let me just say a word on precisely those who will intervene. Mazoud Ahmed, on my left, is president of the Center for Global Development and he has been extraordinarily influential in the Bretton Wood Institution, IMF and World Bank and IMF. I would say that I see Mazoud as you do in all intellectual and economic colloquium. And thank you so much, Mazoud, for having accepted to be here. Bertrand, in my right, will be the second speaker, associate Géran and founder and I will say leader of Blue Like and Orange, sustainable capital. He was very instrumental as general director and financial director of the World Bank Group. Then we have Akina Rihuri, we know him also extremely well, special advisor and member of the Board of the Canon Institute for Global Studies. Also a member, I mentioned that in passant of the Trilateral Commission. Thank you very much Akina Rihuri for being with us. Pierre Jaquet is professor of economy at the National School of Bridges. He was also president during 10 years of the Global Development Network. So thank you very much Pierre for being with us. André Lévi-Lang, again I'm mentioning the speakers in the order of the speeches. André you are founder and very instrumental I have to say of the institute Louis Bachelier without you there would be no institute Louis Bachelier. And Bachelier you know of course is a very powerful French mathematician who had the first idea of introducing math in the stock exchanges and he was rediscovered late in the first century but appeared to be the real intellectual that more or less paved the way for all the financial mathematics. And you were CEO of Paribas Bank which of course everybody knows. John Lipsky is also present everywhere in the world I have to say from time to time I'm thinking he has le don du bequité as we say in French the capacity to be in all places at the same moment so when you don't see him in Shanghai it is because he is in Beijing and when you trust that you see him here he is also together I don't know where John Washington I mean you're amazing so thank you very much for having accepted I mentioned en passant that you were first deputy MD of the IMF and acting MD of the IMF and Jean-Claude Meier was chairman international Rothschild and company but also previous MD of Lazare no it's not exactly that okay and and you are blessing us with your remarks on the financial markets often obviously here so I don't want to take too much it would be very bad for me to take too much of your time because you have to stick to the five minutes I would only say that as regards what you have to say you're the masters and I count on you to ship to to mention and float three four messages that would be very strong and would permit to start really the discussion I was listening myself what we could say and I saw 12 issues that are of great interest and I don't want to list them because I don't want to take again too much of our time but I see of course in the economy in general a lot of things to be said on risks global financial risks I see that we are in an inflection point it seems to me in many many respect and not only inflation not only I would say climate change but that it is really frankly speaking very very dramatic as far as the change is concerned I see some positives I noted five four or five positives maybe we could introduce the positive because I suspect that the negatives would probably dominate and I could list seven negatives and I take it that they have to be taken very very seriously because experience has demonstrated that we should be as resilient as possible and ready and stand ready for any kind of unexpected new events and we have during the last period of time a lot of events that were absolutely dramatic and were totally unexpected generally they came at a moment when everybody is very quiet and calm and we we say we have solved all problems and now it is the very calm and quite waters nobody says that today which is a little bit reassuring so we are all supposed to prepare for these unexpected events that can come at any time I don't think personally that the system the global financial system is really stable at the present moment and not only because we have of course at the horizon all the so-called geostrategic risks that we are mentioning in the conference and of course have a fantastic impact on global finance