This will be the main task of Mr Hervé Leclerc, Inspector of the Banque de France, who will be our Resident Programme Coordinator here in Cairo from 1 January for three years. He is here today, and I would like to wish him every success in his new post.
Let me finally make a few remarks on the global financial situation and the lessons we can draw from this. We are currently experiencing an extraordinary and very challenging period, characterised by severe financial market turmoil that originated in advanced economies. Recently, the tensions in the financial sector have spilled over into the real economy and have dampened significantly global growth.