*  *  *  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.
It provides valuable in-depth analysis of many topical themes that are critical for a better understanding of the current dismal outlook of the world economy. I find particularly interesting the relationship between corporate finance and productivity, the role of R&D expenditure, the issue of stock market fragmentation, and the implications of heterogeneity of life expectancy across socioeconomic groups.