We just saw what can happen in the world in the absence of a working state apparatus, that is to say when we have failed states. And yet, at the present time, where I think we all feel is that governments and states around the world, I've never been under so much criticism and stress. Let's examine, so to speak, the state of the state around the world. You see, I think over the last 30 years or so, especially since the election of Margaret Thatcher in the UK and Ronald Reagan in the United States, states have been under pressure. There's being a legitimacy crisis, that is to say people have started to ask, why do we need a government, or at least, why do we need a big government? So this begs the question of, what's the proper role of the state in the society, in the economy, in the world? In Europe and the United States, as we all know the state is under physical pressure because of very high levels of debt. This chart captures a situation remarkably well, it's very clear that in Europe and in the United States, also in Japan, the so called advanced economies, public debt has gone through the roof. Expressed here as a percentage of GDP, that's to say, adjusting for the size of the economy. Whereas, emerging and developing countries, as we can see. Not only public debt is at relatively low levels but it has tended to decline over the last few years. Part of the problem is that governments have founded more difficult over the last few years to raise tax revenue. On this chart we have expressed as a percentage of GDP, how much tax revenue is flowing through different parts of the world? It's ironic to see that a Euro zone has by far the largest tax revenues represented with GDP, which means that they impose the largest tax burden on their citizens and companies. And yet, many governments in that part of the world are under pressure from a fiscal point of view. Another very important part of the equation of course is to what extent governments are spending money. Again, expressed as a percentage of GDP. And we see that there was a spike in public spending during the crisis years. Of course as a result of the fact that whenever the economy takes a turn to the worst, then unemployment spending goes up in the form of benefits for those happened to be jobless. But the introduction of austerity policies to try to get those economies out of the crisis, has also meant a reduction in public spending as a percentage of GDP in many parts of the world. One final aspect for us to consider is one specific category of government spending which refers to the military. As you can see on this chart over the 10 or 15 years there's been a decline in most country around the world in terms of the percentage of the GDP allocated to military spending. Now, the strength will also have enormous consequences I think. Thinking about the future, in the sense that institutions such as NATO, the North Atlantic Treaty Organization, are now being re-examined both by European themselves and by the United States.