 I think there are two transformations underway. One, there is a realization that nations are changing position on a global economic scale. We're heading towards a great rebalancing as the E7 emerging economies continue to gain greater economic power and could be bigger than the G7 by 2020. This economic power will translate into more geopolitical clout for the E7. And while there will be some adjustment as this transition takes place, the leaders I speak with are embracing that change. As a result, companies around the world have their sights set on millions of new consumers, particularly in China and for that matter throughout all of Asia. We think China is likely to overtake the U.S. as the world's largest economy by 2020, while India would be the third largest ahead of Japan. This significant shift in economic growth along with the dramatic rise in the middle class consumers will have been a transforming effect on all of the world. Second, there's a great transformation underway in terms of employee demographics starting with the retirement of the baby boomer generation over the next decade. There are also distinct challenges presented by the employees born after 1980, commonly known as Gen Y employees. The expectations of this generation around technology, flexibility and transparency will transform the way we all work. In the past following a downturn, we could look forward to returning to a fairly manageable economy where we could study the trends and the competition and carefully plan how to run our businesses while those days are long gone. Going forward, instability and volatility driven by technology and growth in the emerging markets will be the new normal. A key question is where growth is coming from. China was most often named by CEOs we interviewed as one of the three foreign countries most important to their company's growth. But the range of countries that were named from all over the world was startling. As the world economy continues to rebalance towards emerging markets, the typical model for conducting business may not be applicable. Organizations will need to have the right talent and the right place at the right time. And as a result, talent management strategies are high up on CEOs' agendas. And there are serious risks to be considered. Geopolitical, currency, economic, regulatory. So again, the business model will need to be flexible to seize the full potential. Innovative organizations continually look to build businesses of tomorrow while running the businesses of today. They understand they can't afford not to innovate. In the past, innovation has been the prerogative of the developed countries. An innovative product introduced in the U.K. could simply be repackaged, maybe slightly modified, and then sold to the rest of the world. But that won't work anymore. Consumers in developing countries won't settle for products that don't meet their own unique needs. In response, multinationals are building fully fledged operations in their most important markets to get closer to consumers, take advantage of local talent, and in fact, reduce risk. Others are working with customers or suppliers to open up their innovative processes to more partners, thinking more in terms of collaborations and co-creations where people come together with various areas of expertise to solve complex problems. What successful innovators have in common is that they not only have the structure and processes in place to innovate effectively, but the leadership and culture that is required. The challenge for leaders is to unleash innovative thinking. Making it easier for investment in trade is the key to growth in all economies. Rules and laws governing investment, trade, and commerce, which were developed for a bygone area would no longer work. To further complicate matters, governments and all major economies are implementing very different and sometimes contradictory policies to tackle the threats of sovereign defaults, acid bubbles, and currency instability. Companies and investors at attempt to enter these markets must align with separate and quite frankly often conflicting rules and business practices. Neither the private nor the public sector can tackle these inconsistencies in isolation. No one organization has enough of the right people and the right amount of funding to tackle these issues. Collaboration is key for success. Most CEOs in our 2011 global CEO survey say that they actively support government policies that promote good growth that is financially, socially, and environmentally sustainable at global, national, and local levels. At PWC, we are working in support of collaborative strategies based on realizing mutual goals for business and society.