Hi everyone. I'm Nicola Tangan, the CEO of the Norwegian Southern Wealth Fund. And today we are in

particularly good company because we are in Frankfurt with Christine Lagarde, president of the European

Central Bank. Lovely to see you, Nikolai. Fantastic. And welcome to Frankfurt. Thank you.

Now, Christine, you've been, you had a tremendous career. You were running a global law firm.

You've been the finance minister of France.

You ran the IMF for a decade, and now you are steering the monetary policy of Europe.

So thanks for seeing us.

That's a great pleasure.

I heard you recently say that the world now looks a bit like 1929.

What is similar?

I think the analogy I made was with the 20s because it's a time when there were major technology breakthrough

that of course we take for granted but which were new at the time, you know, the combustion

engine, the manufacturing line, all sorts of things that just came about together.

At a time when fragmentation started to also significantly change the way the world worked

because it was preceded by a period of open trade and the first globalization, if you will.

And we are seeing a bit of that at the moment.

Technological breakthrough, which I would associate with the development of AI and the diffusion

of AI on the one hand, and fragmentation, challenges to the international world order, as we have known him for decades.

So that's the analogy. And I think that we have to be informed by history

and try to avoid what came after those developments in the 20s

that ended up with number one financial crisis,

bankruptcies of banks in Europe,

...