So, let me review how we have seen these factors evolving. I’ll start with the external environment. In Europe, domestic demand and economic growth have continued to disappoint. Japan’s economy has also remained weak. While demand growth in the rest of Asia has been strong, the outbreak of Severe Acute Respiratory Syndrome (SARS) is clearly going to slow growth in some countries.
*  *  *  I first wish to thank the Secretary General for his kind invitation to me to be here today. As a general comment, let me say that this second issue of the Business and Finance Outlook confirms its character compared with other long-standing reports.