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Hi, everyone. I'm Nicola Tangen, 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, Nicolai.

Fantastic. And welcome to France. 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, you know,

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 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, and eventually because the matter was not handled very well at the time,

a global conflict that destroyed many of the advanced economies and made all of us at the time poorer and fewer.

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