I have the pleasure of introducing the concluding panel, which will be chaired by Jean-Claude Trichet and will include Charles-Pine, Jean-Pizanie Ferri, Beatrice Véde Di Maro, and Vitor Constancio. We will have a panel discussion. André Sapir, I'm very sorry. André Sapir, who kindly agreed to step in. Apologies for that mistake. So the floor is yours. To see whether the microphone works, which seems to be the case. So as you can see, we changed the panel. We had a good reason for that, obviously the Brexit, and that the reason why we will concentrate on the reason why we do not have the same panel, namely Brexit. And we will try to concentrate on the European and world economy situation fallout after Brexit. So it's a very, very large scope issue. And it reminds me the story of those when I reflect on what has happened that very day of the votations on Brexit. The two gentlemen, British gentlemen that were in Scotland in a very remote area and were anxious to have the Financial Times to know what were the news. So they go in a newsstand and they say, Madam, could we have the Financial Times? And the lady surprisingly said, do you want today Financial Times? Or yesterday Financial Times? And to the extent that there were some kind of votations on Brexit or whatever. They said, well, we would prefer today's Financial Times. And the lady, very serene, said, gentlemen, if you want today's Financial Times, why don't you come back tomorrow? This surprise of the votations on Brexit has been really extraordinary.  But, OK, that is really history and an old story. But I think it's a very wise idea that the organizers and you, particularly Mr. Vice President, had to concentrate on this issue. It's a very complex one, obviously. And when I was reflecting on what we should cover, you should cover your members of the panel. I was thinking, first of all, I have a matrix with three columns, three lines. The lines are very short, medium, and long term. And the column could be followed for the real economy and the financial, I would say, situation in the UK, in EU, and in the world. That makes nine small squares. And then I would say the same, not for the real economy and for the financial situation, but for the political situation. Because it's obviously something which is extraordinarily important from the political standpoint. And I expect the four panelists to cover most of these squares. And of course, we will give the floor, if he wishes, to Charles first.  You know better, sir. You know better. Please. OK, I'm going to start with a few words about the referendum campaign and the politics. Because that provides a background to the economics, which I'll try and say a few words about at the end. Now, the intent of this referendum was to try and deal with the longstanding divide within the Conservative Party, which has been split for a long time between those who support being in Europe and those who are more skeptic. But the effect of the referendum, instead of dealing with that divide, has actually been to expose divides across the country along many different dimensions. So if you look at the voting patterns as distinct divergences by region, Scotland voted in every local authority to remain, and Northern Ireland voted to remain. If you look at England and Wales, basically London and a strip out along the M4, a relatively prosperous corridor, voted to remain, pretty much everywhere else in England and Wales voting to leave. Splits by age, older voters much more likely to have voted to leave than the young by class. So the lower socioeconomic classes were more likely to vote to leave than the upper socioeconomic classes. That was equally true of educational attainment. So I think it's fair to say that my country today is anything but united. We should be called the disunited kingdom at the current juncture. And certainly the strong vote in Scotland to remain reopens the question of whether Scotland will leave the Union. I should say it was also a deeply disquieting campaign in many ways. There was a lot of misleading statistics used, facts which were not facts, exaggerated claims. And I have said this on both sides in the campaign fault there. It's not one alone. There were three primary themes, though, in the campaign. Firstly, the economic gains from membership of the EU, or more strictly, the economic costs from leaving, which they remain camp-focused most heavily on. And then the consequences of uncontrolled migration and associated with that the desire to reclaim sovereignty and control. Now in the end, it was the issues of migration and sovereignty that triumphed over the economic costs argument. There's just a couple of things I'll say here. First of all, on migration, just to give you a bit of sense of the numbers involved, roughly speaking in the UK at the moment, inward migratory flows are about 200,000 a year from the rest of the EU, about 200,000 a year from outside the EU. And then there's about 100,000 a year of UK nationals going in the other direction. And that's relative to a population of about 60 million, working population of a bit over 30 million. But of course, those migratory flows are not equally distributed across the country. And there is certainly a strong sense in those parts that were most affected that that migration was putting pressure on local services, competing for jobs locally, and so forth. It's worth saying, though, that the academic evidence, the serious research that had been done, certainly suggested that inflows from the European Union actually added to UK GDP per capita and that those inward migrants were actually a net fiscal benefit. Nevertheless, migration was a big issue. It is worth noting that it wasn't authorities which had high absolute levels of migrants that were most inclined to vote to leave, but it was those that had experienced rapid rises in the migrant share. And I think this is indicative of a key point, that it's when the environment is changing rapidly, that's when people start feeling that their environment is changing, they can't control what's happening, and so forth. The other thing I would say is that there was a fairly remarkable sort of disparaging of expert analysis. There was particularly a notable comment by Michael Gove, dismissing experts, saying nobody wants to hear from the experts now when a journalist on a newspaper program listed all of the experts and heads of this, that and the other institution, who'd come out saying how big the cost of leaving would be. And I think this reveals an important lack of general trust in decision makers and elites on the part of large sways of the population who haven't seen incomes rise much, jobs more precarious. The elites fail to predict the financial crisis. They've seen the bankers rescued. They've seen a small number of people getting away with most of the proceeds of growth. So there's that general discontent bubbling away. Now going forward, what happens next? First, both the key political parties are in a state of turmoil. Nothing much of substance can happen until there's a new prime minister in place in the autumn. What then? Several people here over the last couple of days have said to me, well, you're not really going to trigger Article 50, IU, which would set the withdrawal process in place. The answer is it probably will be triggered, but not necessarily. In the UK, parliament is sovereign. The referendum doesn't have any legal basis constitutionally. It's purely advisory. But Cameron did commit when he announced the referendum that the government would respect the outcome of that referendum, whichever way it went. So there's a very strong moral obligation to act on it. And as far as I can see, the only way of not ending up triggering Article 50 is if a party stands, say, at a general election explicitly on a platform of not taking us out or promises a second referendum, which subsequently reverses the earlier results. So either way, there's been a new plebiscite which overrides the earlier plebiscite. A key point, though, about the referendum is it wasn't a choice between option A and option B. It was basically between option A and option not A. And we've ended up choosing not A, with it being unclear exactly what the alternative is meant to be. Now, as far as trading relations go, there's a spectrum of possibilities running from the so-called Norwegian model, which involves being a member of the European Economic Area, and really very close to what we have at the moment, but just with the absence of any say in the decision-making capacity of the European Union. And then through things like the Canadian model, which has a free trade arrangement with the EU, took seven years or so to negotiate, right through to just being a regular member of the World Trade Organization. Now, the levers promised to maintain good trade access, but at the same time as limiting migration. And the trouble is that access to the single market is at present, at least, inconsistent with imposing some restrictions or controls on the mobility of labor. So those negotiating exit terms are going to need to accept there are trade-offs here. And those trade-offs are going to have to be managed. Parliament is going to need to endorse whatever point on that trade-off the UK is seeking. Clearly, the Norwegian model doesn't satisfy the key requirement of many of those who voted for leave of giving control over migration. But it might possibly serve as a staging post to one of the other options. Now, I'm out of time at this point, but I know André is going to talk a little bit more about what those various models mean. And during the general discussion, I can talk a bit about monetary policy responses if people want. I never observed such a timely exposition. You terminated exactly at 10.  I could not see looking at your watch. So I'm absolutely amazed. Oh, it's over there. Oh, it's over there. It's flashing at me going red. It's in my timer, too, as you could hear. So thank you so much. I was struck by what you said on the rapidity of the changes, which is the main problem. And I was reflecting our people are infuriated because everything goes too rapidly. Globalization, technological changes and surges, even aging of the population. I turn to Beatrice. Beatrice, perhaps you would concentrate a little bit on the 27th and on the 19th. And what's left behind, if I may? Please, you have the floor. Thank you. Yes, my pleasure. The left behind ones, how are we coping? Well, one way to cope is with dry humor, which is why we love the bridge so much. Another way of coping, and this is what I did on Friday, I looked for some ancient consolation and found it, if you think this is consolation. But of course, what we are facing is the danger or the fear that there may be a danger of further disintegration that is not only concerning the British. So how are we coping? When I read the German press these days, there are two camps, and this does not only concern Germany. One camp says, stay calm. Let's contain the spillovers. Not jump to hasty conclusions. And more importantly, in the words of a senior leader from Europe, not German, the lesson from Brexit will not be if it happens that we need more closer union, but implied in that rather less. And the other camp is saying, this is the wake-up call. The wake-up call that was possibly needed because there are many things that especially the Eurozone needs to do. And we have been debating them for several years now. There are many proposals out there. This is the moment to make the EU slash. I'm putting here Eurozone because most of these proposals concern the Eurozone, more robust, complete the architecture. Now, of course, when you have two camps like that, one of the danger is that they may entrench over the next weeks and start engaging each other rather than moving. And therefore, one of the dangers may be that reforms, if they come, are too little and too late. Well, I am certainly belong to the camp of those who think that the reforms that the Eurozone already needed before are needed even more so now. And I'm also in the fortunate situation to have in this room quite a number of co-authors with whom we have made a proposal that I want to briefly outline here. It starts from two reforms or two sort of long-run desirabilities that are quite easy to agree on. On the one hand side, the Eurozone should have a fiscal regime that contains a credible commitment device which prevents excess debt, build up both public debt and assumption of private debt. And the financial regime, which is diversified and not vulnerable to own sovereign risk, so default in the sovereign could actually be absorbed. And the delinking between banks and sovereigns is achieved. And therefore, these two types of long-run features should be compatible with each other. So at this very general level, a lot of people would agree. We have made this more specific in a report that was very recently published by CPR called Monitoring the Eurozone 2. And here are some of the co-authors. Many of them, as I said, in the room. What is the concrete translation of these long-run principles? Well, a fiscal regime in which the ESM lending policies set clear limits to how much can be lent into doubtful debt dynamics. And these should be limits that are inside the boundaries of what the IMF has set, so as not to have a conflict between IMF and ESM, as we're witnessing just now. This should help set credible limits for preventing the accumulation of excess debt. But there also should be complemented by a mechanism that helps deal with debt crisis should they occur. This is what more of the lawyers and American type of thinking tend to be around sovereign insolvency regimes. It's how to deal with them when they occur. Complementary with that, a financial regime which has sovereign risk rates, includes sovereign risk rates on capital requirements for banks consistent with the ESM parameters, regulatory incentives to hold a diversified portfolio on sovereign debt, and again, regulatory incentives to create private safe assets through pooling and tranching. This is the shortest way I was able to summarize this. The long way is available on the CPR website. Now, the third element of this is very important. And this is the element that is very often missing in proposals, and that's the problem of transition. Even if we agree that those are desirable long-run reforms, the question is how to get there. And it's also hard to dispute that if these were implemented tomorrow, they would be destabilizing rather than stabilizing. Implementing sovereign risk rates right now is not gonna help in the present situation, but this was already the argument a few months ago and actually two years ago, and people would say also two years from now, if as long as we are living with excess debt, as long as we have a debt over hand. So this is the transition problem and that's the third element that in our view needs to be addressed. There are quite a number of ways of addressing the attitudes towards the transition problem that are not productive. I'm listing some here. So we are suggesting that they need to be addressed at the same time, solve the transition problem and implement the reform simultaneously. And the way that we are suggesting the transition problem could be solved, respecting the no mutualization of legacy debt red line is through a one-time operation that would bring all countries in the Eurozone out of the zone of vulnerability in one step. It's not easy to do this. It would be a buyback operation which can be funded through a capitalization of a long-run income stream. This could be fed by different sources depending on the countries. There could be some transfer element in it. We have done in the various reports different simulations and so if you're interested, this is all available. It could even have some element of debt equity swap with the GDP index bonds as a result which may have some desirable stabilization features for the future. Now that I've given this little outline and of this particular proposal, the question is, is this enough? Would it have prevented the Brexit years from voting for Brexit? And the answer is obviously not because it concerns the Eurozone. It doesn't concern the EU. There are also missing elements in this or elements that some people think would need to also be included in the Eurozone proposal. So this one here does not include a solution for non-performing loans. There is no inbuilt fiscal stabilization function. I mean, in that sense, this proposal is a, what we would, I tend to think let's do a old control reset or control delete and then start with a better program. That's the kind of thinking behind the deleting part is of course the excess debt. But faced with Brexit and faced with a situation that we are seeing right now, it sort of becomes obvious that there are deeper issues that are not only, even not only in the Eurozone or in Europe, I mean, there are also concerned countries mostly advanced countries outside Europe or the EU. I would include also Switzerland and those deeper issues concerning political and socioeconomic shifts that we have probably not paid enough attention to. There are profound misunderstandings, obviously in the population about what Brussels actually does, a can and its size. So how come that we have not been able to educate better? Then there is this rise of populism on left and right and I was very recently at a conference where this was discussed in a very extensive form and with a lot of very, very good people. And there I was called attention to a new, something I had not known about, the precarious, the new dangerous class, something that I've been reading and I actually recommend, not because I share the conclusions, but because I think this mangy standing here has identified a problem and analyzes the problem of uncertainty, of economic uncertainty in different groups of the population and it's not a well-identified class, it's not just the losers of globalization or the working poor, it's much, much deeper and broader at the same time than that. And I think we have to start understanding, very much in the sense like you were doing Charlie, what are the causes of people going to the left and right populist movements and to the extent that they are economic insecurity, there is something that we should be able to do about it. So my conclusion is even we macroeconomists cannot ignore these risks any longer. Thank you very much. Thank you very much, Beatrice. We turn to André, you have the floor, André. Thank you very much, Jean-Claude. Thanks for the invitation to speak. I will address two issues, one that relates to what Charlie discussed, the relationship between the UK and the EU and one that relates to what Beatrice just discussed. What about the remaining 27 countries? Now, as far as the relationship between the EU and the UK is concerned, I think factually, there are basically five options and obviously a number of variants around those options. But the five options, without taking into account the politics as number one, in the end the UK does remain in the EU. I think it's potentially a option. The other extreme is the WTO option. The UK leaves the union, there's no special relationship between the UK and the EU. It's just one country among all the WTO members and that's what is our relationship with the EU. More interesting is what are the intermediate options? I think there are three intermediate options. One, Charlie already discussed this famous Norway option, being a member of the European Economic Area. What does it mean in terms of the single market? It means that the UK would have full access and full participation in the single market. It would have to bear a full responsibility for adopting all of the EU regulation or maintain all the EU regulation that are necessary for the functioning of the single market, but it would get the full access. But it would mean obviously full access goes both ways. It includes free mobility of labour. In the case of Norway, in the case of Liechtenstein, in the case of Iceland, those three countries that are part of the EU together with the EU countries, there is free mobility of good services, capital and labour. They are fully members of the single market except for fisheries and agriculture and they also obviously do not participate in the common commercial policy. The UK would have its own commercial policy vis-à-vis third countries. With a free trade with the EU, but as far as its relation with other countries, it would need to have its own relationship. So that's the Norway case. Seems to me that if the UK decided in the end to actually leave the EU, the Norway situation would be very difficult politically. So if the politics in the UK, if the politics in the UK would have said, we don't want to be members of the EU, it seems to me the politics would not want to be a member of the EA because there would be free mobility of labour. There would be participation basically in the EU budget. It's not called EU budget, but it's called something else, but it would have to make contribution to some fund that would essentially amount to participation into the EU budget. But the great advantage, obviously, as far as most of the people in this room is concerned, is that they would be passporting right. London would continue to be exactly in the same situation as far as the EU access is concerned as it is today. Second option is the famous Swiss option. What is the Swiss option? It's a little bit less access to the single market than it is the case for the Norway option. For instance, Swiss banks do not have passporting rights. There is free mobility of labour between Switzerland and the EU at the moment, but we know that the Swiss voted against this free mobility of labour to continue, and therefore it's not even clear that the Swiss option is a viable option even between the EU and Switzerland for the longer term. Third option is the Canadian option. The Canadian option is a free trade area, a free trade area in goods and in services, but it's not participation in the single market. It's certainly not adoption of EU rules and not adopting EU rules means it doesn't give full access to the single market. So there is free trade in goods and in services, but not to the same extent as if you were in the EA, and again, it would mean that as far as London is concerned, there would be no passporting rights. Now, if you ask me what is my expectation, even though I don't want to get into the UK politics about what will happen, I would say either the UK in the end will decide to remain in the EU and will remain in the EU as it was a member a year ago on those terms, not on the terms that had been negotiated in February, or I think the relationship will go to a Canadian model. I don't think that the EA model, nor the Swiss model, would be viable if the UK decided to leave the EU. Again, this is a purely domestic matter for the UK. Second issue, what about the other countries, the remaining countries, the 27? Now, my starting point as Beatrice is that indeed, I think we do need to read this vote in the light of a broader trend, and which means a rejection of the elite. I think there is nothing that is proper here about rejection of the EU of Brussels. I think it's as much a rejection of London or as the situation in the United States is a rejection of the elites and the rejection of Washington. So I think there is this broad trend that we are observing across the two sides of the Atlantic. Now, it doesn't mean that we in Europe should not listen to this call. Certainly the European project is always some weakness, some potential weakness, and I think that we need in Europe to be especially vigilant about those calls. And I don't think that we can only say that it's a question of putting the national houses in order. Obviously countries at the national level need to do things much better and to conduct both their politics and their economics much, much better. But after all, we are members of a European Union. And I think that means something. So that means that there is a common house. So it's not just putting the national houses in order. I think it's also putting a united house in order. Now, what does that mean in practical terms? I see two areas where there is a need, indeed for more union. I don't want to say more Europe, for more union. One is in the area of economic and monetary union. I think Beatrice, you put forward some ideas. I like to stick for the moment, basically to the blueprint that was put forward by the five presidents, by Mr. Junker and five presidents, including Mario Draghi. Seems to me that this blueprint that at the moment is not receiving much attention is essentially what we need to do. And I think what we heard from Adair this morning goes in the right direction. I don't know whether the EU needs to be a closer political union, but I'm convinced at this stage that the euro area needs to have more political union. And that means indeed the two elements of greater responsibility and greater solidarity. I do think that in the area of monetary union, if we do not move towards more political union, and again we can discuss exactly what we mean by political union, maybe a more modest, obviously political union than what we have elsewhere, but I think nonetheless political union with some further transfer of responsibility at the federal level and also political accountability. I think that needs to be there. The other domain is Schengen. I think it's clear that the migration issue has been at the center of the vote in the UK. It's clear that it's also at the center of preoccupation of citizens throughout the European Union. And one cannot say that the European Union, the union again has done a great job of having a united view, a united response to this issue. And I think it has played very, very badly for our citizens that there is not that capacity, that political capacity to have this common view and solidarity. I have one minute and let me just close by saying this. Although I have argued at the EU level for the 27 to deepen integration, to do institutional reforms on two fronts, monetary union and Schengen, that doesn't mean that I don't believe that there is also a need to act with actual economic measures within the current institutional framework. And I see two areas there. One is in the banking union. Banking union is there. And even within what we have already today, within, without adding anything, I think we need to solve the Italian banking problem, the banking mess. And I think we need to have a European solution. Yes, Italy needs to solve its problem, but it needs to be a European solution to the Italian problem. Because I do fear that Italy could be a big problem. Last point, if I had a possibility to do something, I would very much be in favor of having a bold European investment plan for infrastructure. And that's something that would need to be done very, very rapidly. And we do have the resources to do that. All we need is the political will. Thank you. Thank you very much. While listening to what Beatrice has said and you, André, on this fellow citizens in all advanced economy that are frustrated and are creating the kind of reaction that we see on the political front across the Atlantic in all our countries, in all the advanced economy, I was reflecting on something which I found myself very surprising, because it's not what you read in the articles or what you hear generally as regards the position of our fellow citizens, namely confidence or absence of confidence in institutions in general. I give you the very rapidly the figures. Confidence in the commission, 35%. Okay, it's very low. Absence of confidence, 46%. Difference, minus 11%. In the last Euro barometer which has been published. But confidence in the national government, 27%, instead of 35%. And absence of confidence, 66%. Instead of 46%. Difference, 39%. So absence of confidence in the European institution, yes, clearly. But if you control that absence of confidence with the absence of confidence in national government, you're struck by the fact that it's, you know, an overwhelming position of our fellow citizens that are rejecting their authorities. And the same, and I was even much more surprised for the parliaments, because the open parliament is not very popular obviously. Confidence, 38%. Confidence in national parliaments, 28%. Absence of confidence, 47%. Not very brilliant, minus nine. But absence of confidence in the national parliament, which is amazing for me, 64%. So the difference is 36%. So you see, all institutions that are more or less alike, more or less, of course, we have to reflect much more on that, but we see the powerful drive against the elite, as you said, both against the institution national or international. And I guess that we would have more or less the same figures in the US. Stop there. And then we have the last word of the panel. Monsieur Levis, président, you have the floor. Thank you, Jean-Claude. Indeed, the panel that we had foreseen for understandable reasons had to be canceled. Normally, the concluding panel is an opportunity for policymakers from different parts of the world, either in our forums or in Jackson Hall, to speak about the world economy view, and particularly from the perspective of their own jurisdictions. That being impossible, we thought, nevertheless, that we should have some reflection, meditation, on what could be the prospects for the European and world economy after Brexit. Because Brexit was the reason why they are not here in this panel. But comprehensively, I mean, understandably also, the previous speakers concentrated much more on Brexit and the problems. I don't have the luxury of doing that, as you understand. So I will follow the initial intention of having an economic financial discussion, but in relation, of course, with the events of the UK referendum. So I will speak about market developments and then about economic effects and developments looking forward, because they are different and could be quite different. Regarding the market developments, the first thing I would like to say is that the results of the UK referendum did not create a systemic failure in the financial markets. Markets worked in the sense that prices could be formed, prices dropped, there were buyers and sellers, everything worked. Contrary to all the scarce stories mostly put forward by people from the sector, from the industry, saying that the market liquidity had been killed by regulations, it's not there. If there is a stress, everything will be amplified. Well, the scarce stories did not materialize at all. Alan Greenspan said that this could be another lemon. Well, Mark and Greenspan was wrong. It can still be made right. I'm not excluding that 100%. I'm saying so far what we see is two days of a certain overshooting in markets and I can call it overshooting because in the last two days there were rebounds and recoveries in all market segments. So indeed what we see so far is a certain stabilization, of course, below the levels before the event, no doubt, and we have to wait and see. We all know that market dynamics and earth behavior can drive the markets almost anywhere, but that's true. So nothing has to be excluded, but it does not look like it because the fundamentals of our economies are more or less the same and that is more clear when we talk about the economic effects going forward. Of course, the turmoil in markets was slightly worse for the UK than for the Euro area. That is seen in the way the pound dropped initially and until now is dropping against the dollar 89% whereas the Euro has dropped only 2%. In what regards the Euro area, we saw no problems of liquidity, pressures anywhere in the system. We also did not see any fragmentation in the sovereign bond market, no pressure on the periphery. We also saw that the effects in the bond market in general were not very significant and I'm sure that was also the result of our policies that provide some support to the bond market, both public and private in view of our purchases. So our policies have been a very significant stabilizing factor in this situation and without, say, the Euro and the ECB, the situation certainly would have been worse in the first days. Now, where the most severe effect in markets of Brexit has been on bank stock prices. A little more in the UK than in the Euro area but in both cases quite significant, two days of rebound but nevertheless quite significant. So there seems to be quite a mistrust in banks in Europe in general. Although it's not clear what are the perceptions of factors that led to this sudden drop of such a significant dimension. We have to wait because the rebound that happened now can continue and the fundamentals of the banks have not changed also so dramatically and the problems that exist and that we know about were there before. So why now this sudden movement? Of course, the European banks face difficulties in several countries because if you look to the banks that dropped more, it's not just in one country. There are examples in other countries of individual banks and there must be a reason of course for that but the banks have no problems of liquidity and so there will be no trigger, immediate trigger for any sort of collapse or crisis. We insure that with our policies. The big drop in market capitalizations create immediately three types of risks. First, there is the risk with the present values that banks cannot raise capital in the market if they would need it to do so in the short term, which I think in general it's not the case. The second risk is that they could be bought. There could be some banks coming from somewhere and buy on the cheap because now they are much cheaper. Well, there are no consolidating banks or buyers that will come because I don't think that the big American banks would go right now into a buying spree of European banks but there is a risk and the third risk which is more economic is that in view of this pressure the banks can start a new phase of the leveraging and that would be bad of course for the economy if that happens. Our policies in particular now the new TLTRO will be a big incentive for that not to happen because as you know if the banks will deliver increases in credit above what was the level some months ago they will get money from us at negative rates. We will pay them for them to borrow from the ECB. So these behind besides other incentives shows the appropriateness of that element of our policy. And the vulnerabilities that we know exist NPLs and so on will have to be addressed more quicker that's for sure but that was already true before the Brexit. Now about the more say economic medium term effects. Well there one thing is quite clear I think for all economists the UK will have slower growth going forward perhaps some recession now. JP Morgan and another big investment bank published the projections saying that this year and next the UK may have a recession of 2.5%. I don't know but you know that's what they are saying. Now you have to know that the exports of the Euro area to the UK represent three, four percent of GDP. So if that drop would occur two and a half it means I mean very simply and very restrictive narrow way a drop of 0.1% in growth in the Euro area. I know that the most important effects do not come then from the trade relations come from confidence, investment. And that of course can create a different dynamic and animal spirits are down as a result of this bad surprise and things can happen. No doubt but it will come from that. I mean the UK after all is not a major economic area as not a international currency with a big international role. So the impact is what it is but it can be multiplied by confidence effects in a big way. So one cannot exclude that and I'm not excluding that. And that's why then we have to discuss if any response is now necessary or not. I think we have to wait a little bit to see where the markets go and where these goes. The political aspects that were addressed by my colleagues in the panel are very important to determine that mistakes can be made and things may happen. I have no comments on that but what responses? So we have to wait a little bit. Monetary policy, we still have instruments in our toolkit but it's also true that we have been using a lot of those instruments and we are aware and everyone is aware of that. So if the consequences would be more severe in economic terms, what could be done if anything? Well it's with other authorities. It's not then with the ECB. And here I have to invoke Greenspan in a positive way because when he said that if you, about what I am about to say, if you think you understood what I said it's because I was not clear. So indeed, don't see in my words any recommendation. I'm just mentioning some possibilities or describing possibilities no more. If you look to papers starting with the paper of Elen Ray and Pierre Rivier that come by the way after a long line of papers by Caballero, Faris, Gorinches, Elen Ray and so on about the state of the world in advanced economies and how now the equilibrium in the safe assets market is established by fluctuations of output and recessionary fluctuations and all of that that they illustrated in those models in particular in the model of last year of Pierre Rivier, Caballero and Faris which has non-Ricardian component there. It's clear that in that sort of model as in the model of Olivier Jean of 2009 or the models of Eggerson and Mérotra and so on what comes out as an exit is fiscal policy in such a situation. Well, it's not for us to say, of course, and to decide, although it seems that fiscal policy is now forbidden everywhere in the advanced countries for different reasons, okay. So it's not up with us to solve or address that. But I just quote the best work of academics around this issue. Then comes something, I have to stop. I am afraid you are a little bit over on the book. Okay. I thought I would save you. Okay. Maybe you do, maybe you do. And for that I have to be then grateful. No, but you will compliment. We will have to ask Elen what exactly the previous chairman of the Fed said exactly. My own memory was if you think, Senator, that you have understood what I just said, I probably made a mistake somewhere. Yeah, yeah, okay. Perhaps it was, yeah. Elen is. Yeah, okay. He's nodding. I just, I was using an analogy, so. Anyway, so, no, if you permit, perhaps I would ask the members of the panel if they have to, some very concise reflection. I'm thinking particularly perhaps of Charles because you heard André in particular analyzing the various options. It seems to me that he was very, very much in line with yourself, but do you have any comment? No, no, I think that's right. I mean, there was quite a lot of analysis in the run up to the referendum of the possible quantitative implications of these options. I think it's fair to say that given that we don't know exactly how things are going to unfold, going forward, and which means there's sort of radical uncertainty from the politics, and then when it comes to actually modeling the quantitative impact of these various options, there's a lot of assumptions you have to make. So, there's a lot of uncertainty about the magnitude of the various consequences. But, I mean, all of them are in the same direction that it's essentially a negative supply shock for the UK, a future negative supply shock, and being intermediated into the present through asset prices, and led on top of that the general increase in uncertainty and what that will do in terms of weighing on investment, FDI, and possibly consumer spending as well. So, there may well be the need for a significant policy response to them, and certainly the Bank of England has scope for action. Bank rate is at half a percent, which is where we felt was the economic floor back in 2009, we were worried about squeezing bank margins and that having an adverse effect on aggregate demand, possibly through generating a financial instability event, whereas today, I think the reality is probably a bit different. So, there may be some scope for further bank rate cuts if the Bank of England needs to, and there's asset purchases, and the funding for lending scheme, and so forth. But, exactly like Vitor finished up with, I think this is also a case where fiscal policy may need to take up some of the slack. I did not. Well, you did not. You merely raised it. Well, I could say it, because I'm now an independent. Academic. But, even if it implies more fiscal consolidation in the longer run, at least letting the automatic stabilizers operate in the short run would make sense. Thank you very much indeed. Oh, there's actually one other little thing. I wanted to correct one of Beatrice's slides when he said about the angry old men, because I talked about all the differences across age and region and so forth in the boat. The one thing that there wasn't any difference in was gender, exactly the same. So, angry old men or women? I thought it sounds better. Yeah.


We grew, this year our revenues have grown by 20%. Previously we grew our revenues by close to, again, 20%, 25%. So yeah, so I've been on a high growth mode for the last, and I'm talking a 20% increase on a high base, which is huge. So it is by far the largest property on Indian television from a revenue perspective what it does in 60 days. Then nothing, no spotting, anything even comes close to it.  We don't expect any changes in the viewship because that's been steady, which is good news. So it will grow at a reasonable amount. But as long as it's steady, which is what advertisers look at. Because it's already reached, like I said, a mature stage. It's not going to grow too much. Not at all. In fact, see, Hotstar doesn't at all impact our numbers. You need to understand that eventually there is no bandwidth in India to watch. And whatever, if you have bandwidth, it's expensive. In fact, platforms like Hotstar or any digital platforms help engagement levels more because people eventually come and see it on the last screen. So it keeps you in touch with what is happening. You can't see a 3 and 1 half hour game on your smartphone. One is it will cost you a lot of money. So it helps you stay in touch if you're in a flight. You want to see the score. Eventually it drives you traffic to the. So it actually enables us. It helps us more because eventually it drives traffic. It becomes another marketing arm for IPO. There's one more person who's marketing it and driving traffic towards television. So it is aiding us. It doesn't take away our viewship at all. It's our properties. We've built this property. Whatever this property is today, it's only because of Sony. We marketed it. Please understand, this property was put on Max. Max is a mass channel. If we had put it on a sporting channel, it would have never become that big because the reach of a sports channel is peanuts compared to a mass channel. So today, like I said, in hindsight, everybody will say there'll be enough people who want to take credit for IPL. But I can say it with enough pride to say that, you know, if IPL is successful today, it is Sony which has made all the difference. Had Sony not been there, I'm not sure if IPL would have been as successful as it was because we've marketed it. We've sold it. We put it on the right channels. We've tried everything new with it and made it more massier so that more people see cricket. And we've never made it the elitist thing. Our today, our X-Y inning today, does three times the rating of a pre and pro show of a competitor. Why? Because we, that's the purest cricket. IPL is not purest.


As part of activities to mark this year's World Day Against Trafficking in Persons, Makodi's Zonal Commander, Mrs. Iver and Gloria Bay has carried out an awareness walk on the streets of Makodi to create awareness on the prevailing issues of human trafficking in the States. In her welcome address, the Zonal Commander, who was represented by Mr. Kelvin Otokma, informs the theme for this year's 2020 World Day Against Trafficking in Persons, let's leave no one behind and reach every victim of human trafficking. It is a call for everyone to be involved in victim support. For the victims of this nature, we know that so many people that have worked before are custody on account of this offences are people that have been outside contributing to the society. So when a message is drawn and people are made to be aware about the ills of this offence, I think we will stop people from coming to the facility and have more people in the society who will be doing more meaningful things. This event is happening to us as a self-enacted mission of ensuring children and women attain to their good potentials in the society. But the session will continue to complement nothing like it to drive the process. We will also join hands to fight against those practices that help women and children in high rates of prostitution, armed robbers, kidnappers, and expose them to disease and death.


At Ellis Brigham we take ski testing really seriously and this involves two different ski tests. The first one is done early in the season. Everything's put through its paces and compared we make the decisions what we're going to stock. Later on in the season we bring staff out to Austria. Here the staff test all the skis that we've decided to go in the range. This means we can make sure we've made all the correct decisions but it also means that when you come into any of our stores the staff there can give you personal advice. They know exactly how the ski skis because they've been on them. So this ski's designed as an all-mountain free ride ski. It's 90 under foot. It gives you a nice generous turn radius somewhere in between GS and Slalom. It means you can go around at full speed but also get a nice nimble short turn if you need to. This ski is perfect for that advanced to expert skier that wants to go all over the mountain. Spends about 70% of their time on piece but needs something that can nip the other side of the poles or cut through some free runs. It's got a tight and wide beam construction. Now what that means is you get two forks out the front that gives you direct energy transmission and control in the front.  Basically it means you can get all the grip and the power that you want but it's not just dead and boring. It's a lot of fun to ski on. Feedback this week on the mind, men has been outstanding both on the men's and the women's side. The new construction of the skis, a slight bit of rocker, the tight and wide beam. They're all just working and in the kind of varied snow conditions that we've got. Super icy in the morning through to slush in the afternoon. We're getting great feedback through all conditions. So the conditions of skiing to skiing today were pretty varied, pretty much as varied as you can get. So we've got fresh chopped up snow, we've got wiped out ice, we've got you know snow that's just turned to slush and some of that has been wiped out as well. It formed really well in all of those conditions. It's got this sort of wide tight enough frame so it kind of puts the titanium to the edge of skiing but it doesn't weigh it down. So it's springy but it's really light and it's really playful so you don't really want to pop around. And then in the rear it's just got a little strip down to the bottom. Gives it that little kick but it's not overwhelming and it's a little bit flared at the back. So it kind of feels like a freestyle ski but it's got that power and it's got that grip when you're on the piste. So yeah you can you can put your foot down and absolute the carb and have loads of fun but then at any second just put in a quick turn, pop off side the piste and yeah we're in the versatile. So I think pretty much skied everything you could hope to expect to find in the season. I think the person that would really be looking for the ski or that were in a suit this ski is somebody who yeah maybe during the season or is looking for a ski that will do pretty much absolutely everything but maybe with a more playful feel to it. So if you're not looking for a tight enough ski that's just really firm and rigid and you've got to ski it really hard to do anything with it but you still want that performance then this is this is really good. It's something that encourages you to try new things on the hill you know go new places.


A Group Human Development Initiative's HDI Foundation says it has tracked a total of 3.49 billion naira spent on the Universal Basic Education Fund's tracking, UBEVS, Project Action Plan in Lagos State in the last six years. Executive Director of the HDI Foundation, Olufunshua Owasunoye said these are the reports of tracking the Subeb 2018, 2019, and 2020 Action Plan's official project closeout. Owasunoye said the amount tracked by HDI was expanded by the state government from the basic education funds in 11 government areas of the state. She stated that the funds tracked were spent on school projects such as construction, rehabilitation, fencing, sports development, agricultural development, water sanitation, among others. Action for Subeb is that for them also to improve in the area of monitoring and evaluation, they've done a lot because we've worked with them for the past six years to strengthen the existing structures of monitoring they have on ground but to join hands together also to move Lagos State forward in areas of education. I would say the challenge was at the introduction of the project for people to buy in it for the project but along the line especially those in communities and the monitors it's like they've owned the project now and of course in any project, challenge is formed you know so we're able to go through with it. Executive Chairman Subeb, Owasunoye King commanded HDI for the initiative and noted that the foundation was one of the most reliable and dependable foundations that the board had ever worked with. HDI has been one of the most reliable and dependable NGOs we have worked with in Subeb. We see them as a public spirited community oriented and you know socially conscious and socially responsible organization. They have been you know supporting us in the various area of intervention particularly in the area of quality you know management making sure that we have you know you know money that are you know appropriated at judicially, judiciously spent they have tried to you know strengthen our you know transparency and dipping our accountability to ensure that you know you know valuable money you know you know gotten from you know for public you know consumption to yearly events in showcasing their legacy what they have done with all the connected screws all the connected projects the monitoring and supervising in encouraging the contractors to do it right in making sure that what is in the budget that have been allocated is really being followed up properly. Over the years HDI has also trained a lot of basic education stakeholders particularly they have trained we education secretaries some few times over the years they have trained a lot of our monitors who have come to be our community people or who has been trained to take ownership of all these projects in our community.


What's up guys we're back with the long-awaited PSA return. It's only a one card return this time unfortunately But it is a PSA return. We've been waiting for so long, but before that we have a giveaway I'll be giving away these three cards all you have to do is like this video be subscribed and let me know What you think we're gonna get on the grade and we're also doing a pack opening We have three storm of Ragnarok and three extreme victory packs There's some pretty nice packs then we have the PSA grade So we're gonna go ahead and open these up. Hopefully we can get some nice polls and then hopefully we can get an epic grade So you're probably wondering why I asked you here today Otis sponsored the video Otis is a stock market for culture Otis is an alternative investment app that allows anyone to Buy and sell shares of culturally relevant pieces Basically Otis gives you a chance to own iconic expensive or rare pieces that you've always wanted They do weekly drops including graded cards like this first edition Blastoise epic video games like this Super Mario land and Legendary sneakers like these 1985 Air Jordans check out the pieces I mentioned and the latest drops by downloading the app sign up for Otis with a link in my Description and get your first share for free when you fund your account terms apply And I'm also gonna be giving away this booster box to one of you guys who signs up for Otis Make sure you screenshot that you signed up. Thanks again to Otis for sponsoring the video meeting is adjourned So let's start off with Storm of Ragnarok Let's see what we can do here Can we pull a Legendary ghost rare. Let's do this Ultra rare we take that to see career need a wall token stampede. We've got a sheen smoke signal and a worm Jettle Okay. Yeah on to the next one. Okay on to the next one. We have an extreme victory. Can we pull the junk berserker ghost rare? Can we pull the tour guide see career either one? We're gonna be hyped about Okay, the tg jet Falcon power up adapter ESP amplifier Tigris Psybeast and the tyrants Tantra. This guy's in a ton of different cards this tyrant Okay Here we go Come on so far over to can we pull something big out of our six packs? These were very weird. All right. We have a Kagamusha of the sixth samurai Also Kagamusha the blue flame from LOB. So that's easy relative scrap shark Mars toward Ragnarok and a legendary sixth samurai Kazan We did get a super so we'll take that. I think I think this might be an okay card I'm not totally sure I'd have to double check pretty nice card extreme victory. Oh man I've not opened much of this overall on the channel. We opened a booster box a couple of years ago But we have not opened too much in general. We got a tg x1 hl That is a lot of numbers and letters just jumbled up And we got a safe zone that is a super rare. Is that the BES crystal core in there? That's giving me bad flashbacks to cybernetic revolution booster box You guys should check that video out if you haven't save zone super rare. All right storm of Ragnarok Here we go here. We go car curry gold dust scrap shark Odin's eye Cosmic compass Diverge wait, is there a line through that name? You guys see that look at that you see that line going through it Diverge of the Nordic Alphar, but there's a line going through all the words until Alphar. That's really weird in our glass of courage Very weird. I don't know. I don't know you guys can let me know that we pulled a weird misprint where there was actually a name in another Rare's name the other day. I didn't realize it turning you guys message me and told me like dude That's there's like another name in there. I was like no way. That's crazy So we're getting some weird stuff.  That's cool Anna she ends advisor cool She ends advisor super rare, so three supers not bad nothing crazy, but also three foils out of six packs is pretty good Okay, let's get into what we are here for the PSA box. Let me cut this thing open. This is gonna be Quite difficult probably because these are usually not easy to get into I do have by the way I think Five other submissions there two of them are only one card, but two of them are like over 35 cards So when those finally do come back, it's gonna be pretty awesome We're gonna have some really good returns, but right now we are stuck with the one card return You know cuz they're super slow. I did send this one super express I have a story behind this. I'll let you guys I'll let you guys know as I'm pulling out So I actually cut that open pretty well. They sleeve the slabs now No way, maybe it's only super super express wait, I thought there was supposed to be a special presentation for super express Maybe not. Okay, so the story with this guard. Oh my goodness. What is that? We got a check we gotta pull it out of the sleeve, which by the way, I didn't know they put those in there What in the world?   I don't know. I don't know why that's all in there So the story with this card is okay. Let me see if I can cover it up First edition faded summon skull you guys saw this one in a return video So one of my friends is a big fated collector and he told me he's like, please send it in super express I'll pay for half of it. I was like, are you sure like like what I think it's a 90s I don't care. Just do it. So I was like, okay So I said and I was gonna save it for like when they open back up, but he really wanted it. So Let's see. So this card's super nice super faded. There's a little bit of like maybe cutting issue right there Super I mean like super faded not the worst like the most faded but pretty faded beautiful card and really nice condition and So we submitted it super express it came back extremely quickly. So the super express you do get your money for it They do come back really fast This is the first time I've ever done it. I only did it because he said he would pay for half of it So I basically paid 150 he paid 150 and we got this back and he said he wanted to buy it So we have a summon skull faded. Let me know in the comments what you think the grade is and let's reveal it Mint nine. Oh Man this is killer I really I Don't know it has to be like the top edge. Is that what it is? It's got to be this top edge that is not completely cut like really super. Well, there's also a possibility that they don't really sometimes with faded cards they tend to like Give it a lower grade. I don't know why I guess maybe they think it's like altered or something and not altered because then They would say it's all I don't know. I don't know. So that could be part of it.  Let's see if you can see anything else I don't really see too much the card looks really nice. There's all kinds of crap all over the slab So it's really hard to show this like that is on the slab right there That's on the slab.  All right. So that top edge is definitely not cut perfectly I bet that's why I got the nine but like a couple years ago. This is a shoe in tin guys It's a shoe in tin. So I got a question. It was like do you think PSA is grading harder? And they said I should talk about in the video. So I'm gonna talk about it a little bit right here I do think they're definitely grading harder than they used to so That's a good and a bad thing. The good thing is they're a little they're probably more consistent When they're when they grade harder the bad thing is it is much harder to get 10s But when there's harder to get 10s the 10s are worth more. So if you have a 10 already It's good But if you don't have a 10 you keep getting nine so you think it should be a 10 It's not so the reason I think that they're grading harder is They've gotten more strict with Yu-Gi-Oh cards and like stuff like that because it wasn't as popular a few years ago And once it got more popular and more valuable they realized we can't just give out 10s and everything I think that's what's going on So with cards like this that are very very good condition but have and a cutting issue on the top Maybe they give a nine when back in the day. That was a shoe in 10 every single time Centering is even good on this thing. I mean this thing's really really nice so yeah it is much harder to get the 10s than it used to be and With the prices going up and it being more difficult to grade it is becoming less It's less valuable to grade your cards. It used to be an automatic like you've got a mint card You should grade it no matter what because the cost wasn't very much You're gonna get a huge return if you got a 10 But now you have to pay a lot more especially with them clothes paying $300 Their return is much much lower You have a much stronger chance of getting eight or a nine and the values isn't as good Returning back when you get the card back but that's that makes sense because it was ridiculous how good the value was for a while like There was no reason not to grade your cards because you would always make money on them And it that's just not gonna last anytime you can make money every single time or like most of the time It's gonna balance out. So that kind of how is how this is working with PSA graded cards They're getting a little more straight the more expensive because they're their services right providing value to tons of people So it makes sense. It's still a really good to grade your cards for value for protection for display I mean, there's still great reasons to do it. I'm not saying that you should not grade your cards anymore I'm just saying it is more expensive now And it is less worth it than it used to be because it was just it was a no-brainer before now It's more of like you need to think about what you're gonna grade is it worth it for me to grade this card It's it worth for me to grade that card, etc. But yeah, that's it for this PSA video I hope you guys have enjoyed it. Hopefully we're gonna have more of these returns coming up with more cards Not just one card. I do have a mechanical chaser. It's super express I sent it in because I figured we might as well submit that car because it was such an epic pull and Get it back quick So it's gonna be a one card return coming up for that as well But after that I have like an express order with over 200 card That's gonna be like in 2025 that we get that back I think there's two that I did in 2020 that should be back sometime this year that are like 30 to 40 cards Those will be fun as well. And that's some of this video. Hope you guys enjoyed it. I'll see you guys later peace


It's not the Israel Hamas War. It's the Israel Gaza Massacre, notes from the edge of the narrative matrix. Stop calling it the Israel Hamas War. It's the Israel Gaza Massacre. Calling it the Israel Hamas War creates the false impression that this is a war that is directed exclusively at Hamas when it's really an ethnic purge that's directed at all Palestinians in Gaza. The child body count alone makes it clear that this isn't a war against Hamas. I saw an anonymous account point out on Twitter that the number of children killed in this onslaught after one week already exceeds the number of children killed after a year and a half of fighting in Ukraine per the United Nations. Laying complete siege to a civilian population and bombing anything that stands would be an extraordinary Abomination in any war and this is not a war. It's an enclosed shooting range with military explosives and human targets. Here's a quote from the Israeli ambassador to the United Nations. I really feel sorry for the suffering of the people of Gaza, but we should all remember they elected Hamas 18 years ago. Americans should probably worry about the rapid legitimization of this idea that civilians who have a government that kills people are all legitimate targets. According to the logic of collective punishment we're seeing circulated with regard to Gazans and Hamas, all American civilians deserve to die horribly because they permit themselves to be ruled by a regime which is orders of magnitude more violent and destructive than Hamas. Hamas is responsible for Hamas' decisions, Israel is responsible for Israel's decisions, Hamas is responsible for the Hamas attack, Israel is responsible for provoking the attack via apartheid abuses and for bombing civilians in retaliation for it. It's not actually complicated. Israel has been struggling with a rapidly worsening PR crisis ever since Palestinians started getting internet access in smartphones with video cameras and exposing Israeli apartheid abuses. So if you're wondering why they cut off Gaza's internet and electricity, that's why. Israel was 100% aware that cutting off power and internet access to Gaza would prevent Palestinians from recording and publishing footage of its coming war crimes. They struck a fatal blow to citizen journalism in Gaza, thereby blinding the whole world to what's happening there. As a tweet by NBC News breaking, Hamas intentionally targeted elementary schools in Israel and instructed terrorists to siege hostages. The mass media asked you to believe the Hamas attack was unprovoked. Then they asked you to believe blatant babies on bayonets atrocity propaganda. Now they're asking you to believe Jewish kids were in school before dawn on a Saturday morning in Israel. Western journalism, folks. The only reason so many Israel apologists scrambled to circulate unverified stories about beheaded babies and mass rapes instead of waiting for evidence was to make the real atrocities Israel is perpetrating and will continue to perpetrate in Gaza look reasonable and appropriate. After this current crisis is over, I'm probably going to think a lot about the fact that MSNBC suspended three Muslim reporters during Israel's Gaza assault because it didn't want Muslims reporting on it. I used to think all genocidal massacres are bad, but then some really smart Israel apologists explained to me that this genocidal massacre is completely different because this genocidal massacre's perpetrators believe they are doing the right thing for a good reason. If there were two million Jewish people trapped by Christians in a giant open-air prison and placed under total siege, being told that half of them had 24 hours to relocate into the other half or be killed, nobody would have any confusion about what they were witnessing. Everyone's got a serious case of 9-11 brain right now.   I keep getting people acting like it's controversial or even outlandish to say that Israel is an apartheid state. It's not. The leading mainstream Western human rights groups say it's apartheid, as does the top human rights group in Israel. They said we need more censorship because of COVID. They said we need more censorship because of Russia. They said we need more censorship because of January 6th. Now they say we need more censorship because of the Hamas attack. Maybe they just want more censorship. There's a tweet saying that Israel killed 724 Palestinian children in Gaza within a week. The primary job of Israel apologists in the coming days is going to be finding ways to spin this self-evidently terrible thing as perfectly fine and appropriate. Before engaging an Israel apologist in a debate about the ongoing Gaza purge, it's probably a good idea to ask them to clarify whether there's any amount of death and destruction Israel could inflict there that would cause them to stop supporting what Israel is doing. Is there a death count they'd consider too much? How many dead Palestinian civilians are they willing to tolerate in this current operation? Tell them to give you a number. If they can't give you a number and place a limit on how much human butchery they're willing to accept from Israel, that tells you they're not actually defending Israel for reasons that have anything to do with humanitarian concerns or valuing human life. They're saying they'll defend Israel no matter what it does and no matter how many atrocities it commits because their support for Israel is entirely based on ideology and or religion. In which case there's no reason to continue the debate because you can't debate someone out of their Christian fundamentalism or Zionism or Islamophobia or whatever it is that's driving their support. They're not arguing with you out of any interest in morality or justice or truth or facts. They're arguing with you solely to advance an agenda.


I am Dr. Yashika Gudesar, head of department at Manipal Hospital, Dwaka. Today we will be talking about pre-conceptional counseling. The main aim of the pre-conceptional counseling is to have a healthy mother and a healthy baby. So, when we start the pre-conceptional counseling, it should be done whenever the patient is going to plan for a pregnancy. Ideally it should be at least three to six months before they have started planning because there are lots of things which should be done ideally before time. If we have not decided yet, but you are just about to get pregnant and you are just left with one month, still go for the pre-conceptional counseling, at least you will be aware of a few more facts which if you miss out, maybe there might be some issues during the pregnancy. So, the most important thing in the pre-conceptional counseling which your doctor will take care is whether you have some history, old history of taking some drugs, you have some history of smoking, alcohol intake and which all should be stopped, what is important which might not harm the baby during the antinatal period and postpartum period. All those people who are on drugs should carry their own previous papers, surgery reports and investigations and all the drugs which they are taking and send your doctor can let you know which drugs can be stopped. There are few drugs which are terepogenic, not all of them and some drugs can be changed to simpler drugs like somebody who has a history of fits can be shifted over to a less terepogenic drug so that during pregnancy the baby is not harmed and some people who have taken some acne treatment and they should stop the medications even six months before they are planning. So, those things should be mentioned to the doctor if you have a strong history of family, history of diabetes and you yourself are little obese then you should be taking care that you should get yourself investigated because sometimes as soon as you get pregnant, your sugars might shoot up and somebody who has an HBAvenC of more than seven they have high chance of becoming diabetic during the pregnancy. So, those things should be ruled out. In our country most of the pregnancies are unplanned, half of the pregnancies are unplanned and sometimes when we have unplanned pregnancies and the most important problem which the patient faces is then when she comes to know that she has diabetes, she has thyroid and then they have lots of stress that whether my baby will be malformed and these are not indications in which you should abort but you should be careful there might be a chance of abortion in this pregnancy and somebody who has had a previous history of multiple abortions they should obviously be going to the doctor as soon as possible and before even they are planning because then these multiple abortions the causes for that should be ruled out and you should be on prior medications and the doctor should be knowing about this and you should not have a second abortion after that after you have had previous multiple abortions now the family history is there and the past history is there now you have taken the drugs and you have to stop your drugs the other things is the vaccines like you should be aware that whether you have taken a MMR vaccines that is for the rubella because if you have not been vaccinated with the rubella vaccine and your ITG is still negative you should better get vaccinated and we ask the patients to not to conceive for next three months then there is varicella varicella is for chickenpox if you have not been immune with the varicella antibody you should better take a vaccine people who are sexually active earlier also they should go for a cervical cancer vaccine if you have taken a cervical cancer vaccine you should not go for pregnancy for the next six months and the hepatitis B immunization should be complete so before you are planning these things should be completed sometimes people come to us very late and we don't have time to give them vaccines because asking them to wait again for three to six months is a long time so it is better that you take the vaccine little early so go to the doctor by maybe six months before you have started planning so that will be very good and some people even have some genetic diseases in their families so that should be seriously discussed and should take a genetic opinion so that your baby does not have this issue or even if there is a chai chance of your baby having the disease you can be prevented from it and we can have a healthy baby if your age is less than 20, if your age is more than 40 you have a high risk of having a malformation but it is not that that we cannot prevent it nowadays we have good amount of tests available which are done at 11 weeks and the early scanning and the early double marker tests they will prevent you from malformation so nothing to be worried about just go for the preconceptional counseling so that you are not anxious when you are pregnant and as we told smoking and alcohol should be stopped and all those people who are working in a medical setup like the sister, the OT technicians they should know that they are about to conceive so they should not go in an area where there is a radiation there can be some radiation to that because radiation should be avoided X-rays should be avoided just before you are pregnant see in the last 15 days just before your periods anybody who is positive for hepatitis B, HIV and if their partners are also positive they should be aware that disease should they should talk to their doctor so that we can prevent the infections coming to their baby and the buffering of the infections during the pregnancy so everybody should go for a preconceptional counseling as we have discussed in detail so if you have any doubts, any clarity required please come and consult me or any of your gynecologist near your place and before even you have started planning to just give a very beautiful and healthy baby and prevent from all the type of any malformations