WEBVTT - Emmanuel Macron Talks EU Spending, Banks M&A, China 0:00:02.440 --> 0:00:08.800 Bloomberg Audio Studios, podcasts, radio news. President Macron, thank you 0:00:08.960 --> 0:00:12.479 for talking to Bloomberg. We're here at your annual Choose 0:00:12.560 --> 0:00:15.080 France conference for foreign investors. 0:00:15.840 --> 0:00:16.800 And as long as. 0:00:16.760 --> 0:00:20.720 I've known you, you have always wanted to prepare France 0:00:20.760 --> 0:00:24.840 to like business more, but also business to like France more. 0:00:25.000 --> 0:00:27.840 And you look and you see what is happening here. 0:00:28.000 --> 0:00:30.640 You have had many successes. You are about to trumpet 0:00:31.000 --> 0:00:35.680 fifteen billion euros of investment in France, but you also 0:00:35.720 --> 0:00:39.560 know France has problems. The economy is not growing that much. 0:00:39.960 --> 0:00:43.000 The economy since you came in has grown roughly half 0:00:43.040 --> 0:00:46.280 as fast as America. You still have a state that 0:00:46.360 --> 0:00:49.559 takes up fifty seven percent of GDP, and you have 0:00:49.600 --> 0:00:52.160 all that red tape which your government says it wants 0:00:52.159 --> 0:00:55.080 to get rid of, that is around three percent of GDP. 0:00:55.880 --> 0:00:59.640 So how do you persuade people to choose France against that? 0:01:00.360 --> 0:01:02.920 Thank you very much for being here in this vers 0:01:03.080 --> 0:01:05.880 castle and this is quite a good wrap up. It 0:01:06.040 --> 0:01:10.720 just made. We delivered a lot of reform since the 0:01:10.840 --> 0:01:17.119 very beginning twenty seventeen. Tax cuts, flat tax on capital gains, 0:01:17.400 --> 0:01:21.559 we decreased from thirty three point three to twenty five 0:01:21.600 --> 0:01:26.679 percents corporate taxes. We made a lot of reforms on 0:01:27.200 --> 0:01:32.440 labor law and after COVID. During this the past two 0:01:32.480 --> 0:01:38.040 years with inflation war in Ukraine, we passed reform and 0:01:38.319 --> 0:01:45.760 on pension scheme and unemployment mechanisms. I don't see a 0:01:45.800 --> 0:01:49.240 lot of countries around us having done so. 0:01:49.240 --> 0:01:51.840 So you don't just want to be compared to Europe 0:01:51.880 --> 0:01:52.160 to you. 0:01:52.200 --> 0:01:55.840 No, no, no, My point is just to say we delivered, 0:01:55.960 --> 0:01:58.640 We do deliver, and we will deliver. And this is 0:01:58.680 --> 0:02:01.360 why we will launch this week a new bunch of 0:02:01.440 --> 0:02:05.880 reform on labor market. We will launch a new bunch 0:02:05.920 --> 0:02:11.799 of simplification and attractiveness package for finance, and we will 0:02:11.840 --> 0:02:16.480 prepare for we have already launched new simplification and we 0:02:16.520 --> 0:02:19.720 will prepare for September a new bunch of reform on 0:02:19.800 --> 0:02:23.600 labor markets. So it's a permanent work. But I see 0:02:23.639 --> 0:02:26.760 where we come from and where we want to go. France, 0:02:26.760 --> 0:02:31.160 who was lagging behind clearly in Europe because of too 0:02:31.240 --> 0:02:35.480 much bureaucracy, a strong system, a lot of strength, but 0:02:35.960 --> 0:02:39.120 lack of competitiveness, I think we bridge I don't think 0:02:39.520 --> 0:02:42.920 I see that we clearly bridge the gap with the 0:02:42.919 --> 0:02:46.840 others and now we are runners in Europe. My concern 0:02:46.919 --> 0:02:50.000 is not just France, is Europe in comparison with US 0:02:50.040 --> 0:02:52.520 and China. And this is the point you mentioned during 0:02:52.560 --> 0:02:56.960 the three past decades. If you take this three the 0:02:57.000 --> 0:03:01.600 last three decades, we created half of the value per 0:03:01.680 --> 0:03:06.160 capita created by the US. Why lack of innovation, lack 0:03:06.160 --> 0:03:08.919 of investment. This is the main reason. This is why 0:03:09.040 --> 0:03:12.200 now my top priority is to have a European policy 0:03:12.919 --> 0:03:15.840 saying we have to be much more innovative, we have 0:03:15.919 --> 0:03:20.080 to create a much more efficient capital market, we have 0:03:20.200 --> 0:03:25.480 to invest much more from a common budget as Europeans 0:03:25.800 --> 0:03:30.359 and from the private sector, and we have to deliver 0:03:30.840 --> 0:03:35.760 in parallel our decabination because I do believe that climates, 0:03:36.240 --> 0:03:40.440 digital growsome job creation are the scripillars of what we 0:03:40.480 --> 0:03:41.480 have to deliver, and. 0:03:41.480 --> 0:03:43.720 Those will go through all of those. 0:03:43.760 --> 0:03:46.080 But just on that point about the European economy, you 0:03:46.200 --> 0:03:49.080 had a full scale attack on it at the Sorbonne 0:03:49.080 --> 0:03:52.280 where you said it is sclerotic, it is being left behind. 0:03:52.320 --> 0:03:55.320 Do you think that from the EU's point of view, 0:03:56.000 --> 0:03:59.480 that sclerotic economy is a bigger long term challenge and say, 0:04:00.040 --> 0:04:00.880 think this is one. 0:04:02.280 --> 0:04:06.000 I think this is clearly linked to what's happening as well. 0:04:06.680 --> 0:04:12.800 But we have to completely reset our model. I think 0:04:13.080 --> 0:04:16.200 now France clearly is one of the leading economy. We 0:04:16.279 --> 0:04:19.120 are number one in attractiveness, we've been number one during 0:04:19.160 --> 0:04:24.080 the past five years, and if you take job creation growth, 0:04:24.440 --> 0:04:28.680 we are one or second in the Eurozone. 0:04:28.920 --> 0:04:29.760 Do you think so. 0:04:31.600 --> 0:04:34.760 We are here now when I take Europe and especially 0:04:34.880 --> 0:04:37.160 the EU as a whole, but it's as well for UK. 0:04:37.960 --> 0:04:40.120 We have this issue in terms of business model. Why 0:04:40.240 --> 0:04:47.120 because we had low cost energy thanks to Russia, production 0:04:47.640 --> 0:04:52.239 thanks to santral and Eastern European countries with quite low costs, 0:04:53.920 --> 0:05:00.080 a market for exports China, and a geopolitical umbrella US. 0:05:01.040 --> 0:05:06.200 These pillars are being completely revised totally, yes, and it's 0:05:06.480 --> 0:05:09.560 no more valid. So we have to reinvent and how 0:05:10.360 --> 0:05:12.839 by creating much more value on our own by being 0:05:12.880 --> 0:05:16.680 much more innovative, by creating much more jobs and jobs 0:05:16.720 --> 0:05:19.480 with value, good jobs, I would say, on our continents. 0:05:20.080 --> 0:05:23.560 The key point is deliver much more innovation and productivity 0:05:23.600 --> 0:05:28.400 policy public and privates. The second key reforms is to 0:05:28.440 --> 0:05:34.160 accelerate the cabination and especially our electricity policy because through 0:05:34.160 --> 0:05:40.480 renewables and nuclear energy, we can deliver low carbon, sovereign 0:05:40.920 --> 0:05:44.200 and low cost energy, which is much more than important 0:05:44.720 --> 0:05:50.720 gas and fossil fuels. Third, we need much more investment 0:05:51.880 --> 0:05:57.240 based on common budget and my view, based on public 0:05:57.279 --> 0:06:02.479 reports and figures, we need one trially in more in 0:06:02.560 --> 0:06:06.080 terms of budget, in terms of spending, and in parallel, 0:06:06.120 --> 0:06:08.839 we have to make the Capitan Market Union a reality, 0:06:08.880 --> 0:06:10.000 which is can. 0:06:09.920 --> 0:06:11.839 I come on to the Capital Market Union because you 0:06:11.960 --> 0:06:13.120 have here an example. 0:06:13.600 --> 0:06:14.359 You have BNP. 0:06:14.920 --> 0:06:20.760 Yeah, now probably Europe's and definitely the Eurozone's most successful bank, 0:06:21.160 --> 0:06:25.320 worth eighty billion dollars. But you know you are entertaining 0:06:25.360 --> 0:06:28.320 these people like JP Morgan and someone JP Morgan is 0:06:28.320 --> 0:06:31.159 worth five hundred and fifty billion. It's it's nine times 0:06:31.160 --> 0:06:33.800 this big Bank of America, four times as big. And 0:06:33.839 --> 0:06:38.240 the reason why is BMP Parrybar cannot expand throughout the 0:06:38.279 --> 0:06:41.159 European Union and take over other banks. This is very cool, 0:06:41.640 --> 0:06:46.000 civil you would like to see BMP take over one 0:06:46.040 --> 0:06:48.560 of these, take over a German bank or an Italian one. 0:06:48.800 --> 0:06:49.200 I want. 0:06:49.360 --> 0:06:51.400 I mean, we do need a consolidation, but we do 0:06:51.480 --> 0:06:54.600 need as well an actual domestic market as Europeans which 0:06:54.640 --> 0:06:56.800 is not the case. We have to deal with twenty 0:06:56.839 --> 0:07:05.240 seven regulations. You know, in energy, finance and telco are 0:07:05.279 --> 0:07:08.560 the key sectors where single market doesn't exist. It was 0:07:08.600 --> 0:07:11.880 a choice at the very beginning. I do agree that 0:07:12.120 --> 0:07:15.400 we have now to open this box and to deliver 0:07:15.400 --> 0:07:18.920 a single market approach with much more efficient So our 0:07:19.000 --> 0:07:21.920 view is that now we want to elaborate Froanco German 0:07:21.960 --> 0:07:26.640 consensus on capital marketingion to have a single system of resolution, 0:07:26.880 --> 0:07:33.400 a single supervision and a much more integrated capital marketingion. 0:07:33.680 --> 0:07:37.480 Would you be happy with, say Spain Santandre coming and 0:07:37.520 --> 0:07:39.800 buying society general, I mean part of. 0:07:39.760 --> 0:07:42.640 That, it's part of the market, but dealing as Europeans 0:07:42.720 --> 0:07:45.800 means that you need consolidation as Europeans you're not. 0:07:46.160 --> 0:07:49.920 So it could be cross board emergers for directions. 0:07:49.360 --> 0:07:52.400 But this one is for banking union, it's already on track. 0:07:52.680 --> 0:07:55.640 Now we have to do it for capital marketingion, which 0:07:55.680 --> 0:07:59.960 is broader and and even more difficult. But we started 0:08:00.080 --> 0:08:03.200 to do so at a political level during the last console, 0:08:03.320 --> 0:08:07.040 and I do believe that we can find Aco German agreement. 0:08:07.160 --> 0:08:10.440 But why I want you to just understand the challenge 0:08:10.480 --> 0:08:17.080 for us seventy five percent of our financing as Europeans 0:08:17.320 --> 0:08:21.400 go through banks and insurance, so we need much more consolidation. 0:08:21.480 --> 0:08:25.080 But we need a clear circulation of the savings all 0:08:25.120 --> 0:08:28.320 around the place. This is the first objective, to be 0:08:28.440 --> 0:08:30.920 much more efficient and to be sure that our savings 0:08:31.200 --> 0:08:35.079 will be invested in the right sectors and the right geographies. Second, 0:08:35.520 --> 0:08:39.599 every year three hundred billion savings goes to finance the 0:08:39.720 --> 0:08:42.120 US economy because we are not attractive. 0:08:42.520 --> 0:08:42.920 So on. 0:08:43.360 --> 0:08:47.679 In parallel with this capital market union and the simplification 0:08:47.800 --> 0:08:52.840 having an equal single market, we clearly need the same 0:08:52.920 --> 0:08:56.200 level playing field as the US in terms of financing, 0:08:56.720 --> 0:08:59.880 which means when you take solvency in basil, as long 0:08:59.920 --> 0:09:04.920 as it's not implemented by the US competitors, it should 0:09:05.000 --> 0:09:08.080 not be implemented by the European competitors. Otherwise this is 0:09:08.120 --> 0:09:13.280 a killer for his taking because these regulations just prevent you, 0:09:13.720 --> 0:09:18.960 i mean, our banks from investing in equity, which is 0:09:18.960 --> 0:09:21.560 exactly what we need. And if you take the key 0:09:21.640 --> 0:09:24.040 driver of this difference between the US and Europe, the 0:09:24.160 --> 0:09:27.640 key driver is the fact that the US economy innovated 0:09:27.679 --> 0:09:32.640 and invested much more iniquity and innovation than the European economy. 0:09:32.679 --> 0:09:36.600 I think we did much better during in POSTCOVIC than 0:09:36.679 --> 0:09:39.840 what we did during the financial crisis. But now this 0:09:39.960 --> 0:09:43.640 is a totally new world and we do need this 0:09:43.880 --> 0:09:47.400 new business model for the Europeans, more innovation, more investment, 0:09:47.559 --> 0:09:52.040 single market and capital market onion and a relevant trade 0:09:52.040 --> 0:09:55.320 policy because I want to at this point known the 0:09:55.440 --> 0:09:59.800 US and now China are compliant with WTO Today we 0:09:59.840 --> 0:10:04.600 are the only one in the room to respect just 0:10:04.800 --> 0:10:06.439 the regulation of the beauty. 0:10:06.880 --> 0:10:10.120 And we are to naive we are to open both of. 0:10:10.080 --> 0:10:12.600 Them, their players and their economies. Can we have to 0:10:12.640 --> 0:10:13.000 do this thing? 0:10:13.000 --> 0:10:14.960 Can we come back to the to the issue of 0:10:15.040 --> 0:10:19.360 China later? But just another French company, Total you mentioned energy. 0:10:19.520 --> 0:10:21.480 Total's CEO has. 0:10:21.400 --> 0:10:25.920 Talked about moving its primary listing away from France towards 0:10:25.920 --> 0:10:26.360 New York. 0:10:27.080 --> 0:10:28.240 Would you be happy with that? 0:10:28.480 --> 0:10:31.280 Not at all? Would and I would be very surprised. No, 0:10:31.360 --> 0:10:36.200 I wait for any confirmation. I understood it was remorse so. 0:10:37.120 --> 0:10:39.600 But it's interesting that it's tied to the idea that 0:10:39.640 --> 0:10:43.960 he would face extra ESG measures here that he would 0:10:43.960 --> 0:10:44.880 not face in America. 0:10:44.960 --> 0:10:46.559 So thinks that would affect his valuation. 0:10:46.679 --> 0:10:48.360 Do you mean that we are more SERUS than the 0:10:48.480 --> 0:10:52.000 US in terms of green economy and transition. 0:10:52.600 --> 0:10:54.920 Yes, but you also in your speech at the Sorbonne 0:10:54.960 --> 0:10:57.920 you said, as I paraphrase, you said you cannot let 0:10:58.000 --> 0:11:02.720 decarbonization and be enemies exactly. 0:11:01.720 --> 0:11:04.120 And this is my point. But the point is just 0:11:04.800 --> 0:11:07.040 we have to be sure when we regulate, we should 0:11:07.040 --> 0:11:10.200 not overregulate. Yes, and I think now we have to deliver. 0:11:10.840 --> 0:11:13.360 We need in Europe much more investment. We have to 0:11:13.400 --> 0:11:16.360 cut that tabs have more flexibility. But in parallel everybody 0:11:16.400 --> 0:11:19.120 has to be serious. I saw a lot of funds, 0:11:19.160 --> 0:11:21.520 a lot of asset managers saying we are with you 0:11:21.559 --> 0:11:24.920 on climate change. Where is the beef? Are you sure 0:11:24.960 --> 0:11:29.120 you are sufficiently compliant? Are you sure you are clearly 0:11:29.160 --> 0:11:32.400 addressing the same issues. This is my point, and this 0:11:32.440 --> 0:11:34.920 is why we need a resting chrognization between the US 0:11:35.080 --> 0:11:38.800 and Europe. The restrant cognization is number one. The US 0:11:38.880 --> 0:11:42.960 regulation in terms of crimachange as should be more serious 0:11:43.559 --> 0:11:47.800 and realigned on the European ones. Second, the Europeans have 0:11:47.880 --> 0:11:51.480 to invest much more and be more serious and realign 0:11:51.559 --> 0:11:52.960 themselves on the US. 0:11:53.840 --> 0:11:55.800 To answer iven another French company, I asked you about 0:11:55.800 --> 0:11:59.880 total and bmp lvmh. I look, so nobody has done 0:12:00.040 --> 0:12:03.120 better under the Macron presidency than Banner or No. He's 0:12:03.200 --> 0:12:06.480 now his wealth has increased by one hundred and seventy 0:12:06.559 --> 0:12:09.360 billion euros and he is now the richest man in 0:12:09.360 --> 0:12:11.959 the world, probably the first Frenchman to have that honor 0:12:12.000 --> 0:12:14.400 since Napoleon. And I think we can both say brave 0:12:14.480 --> 0:12:16.800 to mister Io. He's done it in a more peaceful way. 0:12:17.480 --> 0:12:20.559 But it's interesting you look at the people who've right 0:12:20.640 --> 0:12:22.680 at the very top of the wealthiest people in France, 0:12:23.120 --> 0:12:27.280 mostly either airs or in fashion or both, and I 0:12:27.360 --> 0:12:29.600 wonder whether that is the kind of France you talked 0:12:29.600 --> 0:12:32.520 about creating. You always talk about technology, but the people 0:12:32.559 --> 0:12:35.040 who've done really well are these old style businesses. 0:12:35.280 --> 0:12:38.480 You're right, all of them. I don't think it's all 0:12:38.559 --> 0:12:42.200 style of business, but it's a business where we have 0:12:42.240 --> 0:12:48.280 competitive advantage luxury fashion and so because France is one 0:12:48.280 --> 0:12:52.400 of a great place and Bernadaud consolidated this market very early. 0:12:53.440 --> 0:12:56.640 He was one of the font in this industry, and 0:12:56.840 --> 0:12:58.400 I think it is very good and this is a 0:12:58.480 --> 0:13:01.000 chance for us because first we speak about a lot 0:13:01.040 --> 0:13:05.800 of jobs which are located in France because a lot 0:13:05.800 --> 0:13:09.520 of these jobs are impossible to be relocated elsewhere. 0:13:09.600 --> 0:13:10.360 When you speak. 0:13:10.120 --> 0:13:15.520 About alcohol, when you speak about cognac, maniac, champagne, fashion 0:13:15.960 --> 0:13:20.440 and making a lot of this stuff, it's added value. 0:13:21.280 --> 0:13:24.600 It's low qualified and very qualified jobs. And in tall 0:13:25.040 --> 0:13:28.040 it consolidated the market elsewhere. And thanks to the fact 0:13:28.080 --> 0:13:31.440 that is listed in France, we consolidate a lot of 0:13:31.520 --> 0:13:34.640 value and value creation as well. This is why thanks 0:13:34.640 --> 0:13:40.440 to total lvmh BNP and so on. But we are 0:13:40.559 --> 0:13:44.959 the second largest place of the world to list your company. 0:13:45.280 --> 0:13:47.120 But there is a there's a tension, isn't it If 0:13:47.160 --> 0:13:50.520 I look at all those people, or certainly as VMH 0:13:51.320 --> 0:13:54.880 carrying all those ones. They have done spectacically well by 0:13:54.920 --> 0:13:58.199 exporting to places like China. They've done very well out 0:13:58.200 --> 0:14:03.160 of globalization and all the prescriptions you were just talking 0:14:03.160 --> 0:14:06.600 about in terms of Europe having higher top trade rules 0:14:06.640 --> 0:14:09.559 being tougher with China. You know what will happen in 0:14:09.600 --> 0:14:13.199 a couple of months time, the Europeans will say we want. 0:14:13.000 --> 0:14:14.760 To put tariffs on electric vehicles. 0:14:15.080 --> 0:14:17.520 And what will happen is mister g despite what he 0:14:17.880 --> 0:14:20.120 told the last year, he will come back and will 0:14:20.160 --> 0:14:23.280 he will put tariffs on Cognac and that will help 0:14:22.880 --> 0:14:25.840 those very successful French business people. 0:14:25.960 --> 0:14:28.400 Look, I think this is exactly the mistake we made 0:14:28.400 --> 0:14:32.320 twenty years ago on the solar panels, and we killed 0:14:32.320 --> 0:14:36.440 them our industry. I'm very simple. I don't like your 0:14:36.440 --> 0:14:39.640 own blackmail anybody. I just look at a picture. When 0:14:39.640 --> 0:14:43.400 you have diaries of ten for your electric for Chinese 0:14:43.400 --> 0:14:47.080 electric vehicles entering into our market, and when you are 0:14:47.160 --> 0:14:50.120 taxed between fifteen and twenty four when you go to 0:14:50.160 --> 0:14:53.400 the Chinese market, you have an issue. And on all 0:14:53.440 --> 0:14:57.240 the different sectors. What we want is just reciprocity. We 0:14:57.320 --> 0:15:01.960 want and in fact more and that margins then regarding 0:15:02.040 --> 0:15:06.200 the relation with China, level playing field. So what we 0:15:06.320 --> 0:15:08.800 ask for is exactly that we want to be sure 0:15:08.800 --> 0:15:09.600 that in terms. 0:15:09.360 --> 0:15:12.560 Of tariffs, subsidies, rules of. 0:15:12.520 --> 0:15:16.480 Production, we have a fair competition. And I mentioned it 0:15:16.640 --> 0:15:19.160 very openly to present see. So it is not a 0:15:19.240 --> 0:15:22.600 geopolitical agenda. We don't want to blackmail and push back 0:15:22.680 --> 0:15:25.240 some of the production. We want to be sure it 0:15:25.320 --> 0:15:31.520 is fair. It's fair to launch precisely inquiries and look 0:15:31.560 --> 0:15:35.320 in details of the situation and revise it. If we 0:15:35.360 --> 0:15:38.280 are weak, if we are threatened by the fact that 0:15:38.320 --> 0:15:42.480 you can have retortion measures, you just don't do what 0:15:42.520 --> 0:15:45.240 you have to do. We had this discussion and this 0:15:45.360 --> 0:15:48.080 is why they decided not to implement the first measures 0:15:48.120 --> 0:15:51.400 on Cognac, but to withdraw the first one. So I 0:15:51.440 --> 0:15:54.360 think it's it's a normal approach. But look at the 0:15:54.400 --> 0:15:57.760 situation today. The European Union is the most open place 0:15:57.800 --> 0:16:01.000 of the world. But you cannot serve if at the 0:16:01.040 --> 0:16:04.400 same time you have subsidieson other capacities in China and 0:16:04.480 --> 0:16:08.280 protection in some part of the market, and inflation rediction 0:16:08.440 --> 0:16:12.800 acts and buy American acts in the US. It doesn't 0:16:12.840 --> 0:16:13.680 fly once again. 0:16:13.840 --> 0:16:15.840 So Europe has got to get tougher now. 0:16:16.200 --> 0:16:19.760 But this is a necessary not because we are protectionists, 0:16:19.800 --> 0:16:21.440 because we want to protect our. 0:16:21.600 --> 0:16:24.080 German The Germans do not agree with you without life. 0:16:23.880 --> 0:16:28.000 I think it depends whom in Germany and for which perspective. 0:16:28.480 --> 0:16:32.080 It's certainly true that some German companies, when they are 0:16:32.120 --> 0:16:36.880 incorporated in China, for instance, benefiting from subsiditions, not just German, 0:16:36.960 --> 0:16:40.960 European American. Their interest is probably to preserve that and 0:16:41.200 --> 0:16:43.440 to sell themselves are over capacities in China to the 0:16:43.520 --> 0:16:46.760 rest of the world. And especially the European markets. But 0:16:46.880 --> 0:16:50.720 the German economies interest is totally aligne with the French 0:16:50.720 --> 0:16:57.680 economies interests meaning creating jobs, creating value, but just protecting 0:16:58.440 --> 0:17:01.120 your business and your people when they are attacked by 0:17:01.240 --> 0:17:05.280 unfir measures and it's it's normal, it's part of the business. 0:17:05.520 --> 0:17:07.879 So for me, it's just a no brainer. 0:17:08.000 --> 0:17:11.960 It's a very interesting journey watching you make the French 0:17:12.280 --> 0:17:14.159 love business more and business love France more. 0:17:14.200 --> 0:17:16.920 Thank you very much, no, thank you. Into Bloomberg. It's 0:17:17.000 --> 0:17:17.520 very important. 0:17:17.560 --> 0:17:19.080 Thank you for being here. I hope you will have 0:17:19.080 --> 0:17:22.240 the importanity to discuss with a lot of CEOs and 0:17:22.280 --> 0:17:26.160 we will continue because business is in permanent evolution, given 0:17:26.200 --> 0:17:27.840 the fact that your politics. 0:17:27.440 --> 0:17:30.000 Is start moving all the time. 0:17:30.720 --> 0:17:32.119 Thank you, thank you. 0:17:32.160 --> 0:17:32.480 Jemis