We share a responsibility to protect our democracy The European Union and its values need to be safeguarded. Omri Preiss outlines the steps needed to engage citizens and build up a culture of civic responsibility

ePub edition

Malta: A high-value investment for your future Q&A with Jonathan Cardona, Chief Executive Officer of the Malta Individual Investor Programme Agency, outlining the benefits Malta offers investors Liberals and women’s rights: past and present There has been a century of female suffrage in the Netherlands. Fleur de Beaufort and Patrick van Schie consider the differing demands of feminists now and a century ago
Hybrid and cybersecurity threats Maria Demertzis and Guntram Wolff find that EU finance ministers should advance a broader political discussion on the integration of the EU security architecture applicable to the financial system

pdf edition

Who needs a blockchain? In a wide-ranging interview with WCR Lyle Wraxall explains how diversity will drive the adoption and understanding of blockchain across the Isle of Man’s business communities and beyond Truths about trade Cecilia Malmström says the best that we can do is hold on to our values – what we believe to be good and right – but always be ready to challenge received ideas through rigorous research and understanding How Britain will react to a WTO-based Brexit A 'No Deal Brexit' is the most likely outcome. Patrick Minford explains how it is a recipe for UK economic success, free of the shackles of EU protectionism, budget costs, intrusive regulation and subsidisation of unskilled immigration Incoterms® 2020 – updated rules for sale of goods certainty The International Chamber of Commerce reviews the latest edition of the Incoterms® rules, that ensure a rules-based solution between trading partners worldwide

Brexit ePub

Challenges in the digital age Industry 4.0 is creating many challenges and opportunities. Vincent Labhard, Peter McAdam, Filippos Petroulakis and Lara Vivian review a recent ECB conference Border carbon tariffs: giving up on trade to save the climate? Ursula von der Leyen plans to introduce a border carbon tax to avoid forcing EU companies to move their activities abroad. Henrik Horn and André Sapir ask if trade and climate preservation can coexist? The growing challenges for monetary policy Mark Carney considers the challenges posed by the international monetary and financial system for the conduct of monetary policy across the world

EU ePub

Perspectives on the soft power of EU trade policy The EU has to reposition its trade policies. San Bilal and Bernard Hoekman ask whether the EU has been effective in its pursuit of non-trade policy objectives Possible risks in Facebook’s pursuit of a ‘stablecoin’ Facebook’s new cryptocurrency has the potential to be attractive to those countries that do not have strong sovereign currencies. Maria Demertzis and Jan Mazza write that regulators have so far treated cryptocurrencies as a minor risk to national economics, but Libra could change everything
Redefining Europe’s economic sovereignty Mark Leonard, Jean Pisani-Ferry, Elina Ribakova, Jeremy Shapiro and Guntram Wolff make recommendations on how to adapt the EU and national policy systems to better integrate economic and geopolitical considerations

Tax ePub

A strategic agenda for the new EU leadership Maria Demertzis, André Sapir and Guntram Wolff present a memo to the presidents of the European Commission, Council and Parliament, focussing on the most important economic questions at EU level The road to Kazakhstan The WTO is facing heightened pressure from multiple angles. Sofia Baliño finds that members are debating a new investment facilitation framework in a tenuous WTO landscape
Weaponising ODI Nirupama Soundararajan and Dnyanada Palkar examine if India could use overseas direct investment as an economic tool to further its geopolitical goals

Executive Development ePub

India at a crossroads The global economy is entering a turbulent phase. Abhijit Mukhopadhyay considers where India sits in an era of bilateral and plurilateral trade agreements Breaking up big companies and market power concentration Elizabeth Warren proposes the break-up of big tech companies. A UK report presents another approach for regulating the digital economy. And IMF research shows that concentration of market power extends beyond digital. Konstantinos Efstathiou reviews the debate
Human/e capitalism: work, knowledge and non-hierarchical cooperation Paid work has become more diverse and fluid. Werner Eichhorst writes that for companies to harness the potential of workers they will need to collaborate and let them do their job

Corporate Aviation ePub

Dancing with the dragon: can the EU and China rescue the WTO? Comprehensive WTO reform has never been more urgent. Bart Broer argues that the Sino-European relationship could safeguard the world's trading regime Global economy threatened by ‘sustainable’ investments Governments are pressuring portfolio managers to invest their clients’ funds in sustainables. Martin Hutchinson critically examines the arguments made in favour of investing in sustainables
No deal is the best deal for Britain Patrick Minford considers the options for the UK as they reach the endgame in their negotiations with the EU, and finds that a No Deal Brexit is a recipe for economic success Has AI really lived up to the hype? In many cases AI is changing the world. Nikolas Kairinos talks about the evolution of AI and the prospects on the horizon for society The European Union’s response to the trade crisis The global trading system is being challenged. Uri Dadush and Guntram Wolff consider the possible outcomes and how the EU can respond

Finance ePub

Sovereignty in a globalised world Countries need to work together to exercise sovereignty in a globalised world, says Mario Draghi. EU membership helps countries withstand external pressures and achieve policy goals they could not realise alone EU membership has many benefits, but economic growth is not one of them In new research Thomas Barnebeck Andersen and Pieter Vanhuysse looked at whether joining the EU has actually increased economic growth for EU member states. In a nutshell, most probably it has not Seamless connectivity A series of measures taken by the Indian government has enabled a seamless connectivity through inland water transport among BBIN countries. Bipul Chatterjee and Veena Vidyadharan consider the effects on the region A commitment to shared prosperity If the European Union draws on its roots and finds a way forward through shared prosperity, Christine Lagarde believes the next chapter of unity in Europe will begin President Trump's State of the Union Address 2019 The US is experiencing an economic boom. Donald Trump says it is now time for bipartisan action to reignite the American imagination, to choose greatness Time for China to step up to global anti-corruption responsibilities China, the world's largest exporter, is failing to enforce its own laws on foreign bribery. Gillian Dell believes that China should join the major exporting nations to take action against foreign bribery Europe and the euro 20 years on We should consider the gains made as a result of having one market with one money, says Mario Draghi, outlining how the Single Market has benefited the people of Europe over the past 20 years A new vision for trade The Foundation for European Progressive Studies present a vision that can form the core of a new, forward-looking progressive model for trade and investment Why a new multilateralism now? History suggests that an economic downturn lurks somewhere over the horizon. David Lipton believes that with ingenuity and international cooperation we can create a shared and sustained prosperity Geotechnology meets geopolitics Stephen Nagy examines China’s geotechnology strategy and its relationship to the Sino-US artificial intelligence rivalry On populists, immigration and welfare Niek Kok examines the rise of 'right-wing' populism in Europe, and finds that their policies match those of the social democrats of the mid-twentieth century Between a rock and a hard place European companies are squeezed between US sanctions and the new EU blocking statute. Matthew Oresman and Henrietta Worthington discuss The future of the WTO: cooperation or confrontation There is a danger of further escalation in the tariff war. André Wolf considers protectionism and the future of the World Trade Organization The outlook for the euro area economy Completing EMU has become more urgent over time, not less urgent, says Mario Draghi. Completing the banking union and starting work on the capital markets union are the best ways to respond to the threats currently facing our monetary union What 'EU sovereignty' are we talking about? Emmanuel Macron has called for 'European sovereignty'. Daniel Dăianu discusses what this may mean for Europe and the transatlantic relationship Age of ingenuity Christine Lagarde reimagines 21st century international cooperation, when the world delivers a new burst of creativity in solving shared challenges How far can trade policy go in promoting European values? The EU can and should use trade agreements to promote European values but not at the expense of its economic interests, argues Luisa Santos Tax reforms accelerating with push to lower corporate tax rates Tax Policy Reforms 2018 describes the latest tax reforms. Pascal Saint-Amans says there is a crucial need to continue addressing equity issues and environmental challenges Why global professionals turn to tradition when it comes to dating Technology is being left out while modern matchmakers gain market share in the ever growing business of love, Kirsten Gray writes The Chequers proposals are damaging: there are better alternatives Patrick Minford considers the Chequers proposals, and finds that the initial proposals are damaging to the UKs national interests and suggests a better route for the UK Why is illiberalism on the rise? Daniel Dăianu considers the limits to markets, liberalism and democracy, and finds that the political elites need to change their thinking for liberalism to continue to be a force for good The hour of European sovereignty Jean-Claude Juncker says there can be no respite in the work to build a more united, stronger and more democratic Europe One size does not fit all Reforming the governance of the EU has become urgent. Demertzis et al suggest a new model combining a bare-bones EU with a 'Europe of clubs'. From the great moderation to the great recession and beyond Don Kohn considers what we can learn from the last global financial crisis. He says that complacency in good times can ultimately store up problems for the global economy and financial system Why corporates virtue-signal: conscience or cover-up? Robert Oulds examines the origins of corporate virtue signalling, and argues that brands need to change their approach to connect with customers The EU's pivot to Asia Fraser Cameron considers the unforeseen consequences of global uncertainty, and how the EU has seized the opportunity in deepening EU-Asia relations A financial union for the euro area How much should the economic and monetary union be deepened? Poul Thomsen shares his thoughts The impact of Brexit on the property industry UK property has continued to remain a popular investment. Paresh Raja considers the current trends and examines what the future might hold What should the EU do about the Turkish currency crisis? The Turkish lira has been under significant pressure in recent weeks. Grégory Claeys and Guntram Wolff discuss the EU’s exposure to possible crisis in Turkey and how the EU should react Transatlantic relations at a crossroads Jean-Claude Juncker argues that whatever future lies ahead, Europe's partnership with the United States must continue to be a driving force for both sides and for the world Governing a fragmented world economy: towards inclusive multilateralism The multilateral economic cooperation is under threat. Marco Buti and Mirco Tomasi argue that Europe can play a leading role in promoting liberal ideals Pace of trade finance digitalization International Chamber of Commerce’s Global Survey shows a move to greater digitalization, and believe that this will lead to a boost in economic growth and sustainable development Lifelong learning is key to business and employee success Lifelong learning is more than a strategy to develop employees and foster retention. AACSB International considers the environment, challenges, and opportunities related to lifelong learning and talent management When technology serves people Margrethe Vestager says technology can be shaped to fit society's values so that technology serves people and not the other way round Sustainability and the MBA Sustainability and ethics are at the forefront of business thinking. Andrew Main Wilson argues that companies and their leaders will have to rise to the growth challenge with a new way of thinking Openness for greater prosperity, innovation for a better future Xi Jinping considers China’s historic journey of reform and opening-up, and the major measures needed to sustain continued growth in the coming decades The G7 is dead, long live the G7 The Charlevoix summit left behind a Group of Seven in disarray. Jim O'Neill and Alessio Terzi ask if, in a fast-changing world, the G7 is a relic of the past? Italian populism calls for hard choices The economic agenda of Italian populists is likely to exacerbate Italy’s long-standing problems. Alessio Terzi suggests that if the defenders of the European project want to regain popularity, they will need to present a clear alternative to setting the house on fire Do calls for ‘enhancement’ of Paris Agreement commitments make sense? It depends G7 leaders should ignore calls to strengthen emission reduction pledges, argues Tom Harris, and instead focus on adapting to climate change A glass half-full The Commission’s proposal for the next MFF provides a good basis for subsequent negotiations. But it has a number of deficiencies. Grégory Claeys and Zsolt Darvas make proposals as to how to improve them A proposed EU directive on whistleblower protection Theo Nyreröd and Giancarlo Spagnolo compare the whistleblower protection policies in the EU and the US and argue that reward programmes are particularly appropriate for specific regulatory areas where wrongdoing can cause substantial harm The consequences of protectionism Protectionism is the wrong solution to address concerns about the distributional effects of globalisation, says Benoît Cœuré, and the EU is the vehicle to make trade more equitable A time to share In the euro area, discipline is of the essence, but risk-sharing is no less important, Daniel Dăianu writes A compass to prosperity: the next steps of euro area economic integration The euro area should consider several areas of reforms in the coming months, including a modernized capital markets union, an improved banking union, and the creation of a central fiscal capacity, says Christine Lagarde Overcoming zero-sum games to sustain growth and globalisation Antonio de Lecea argues that Europe's stance on globalisation is capable of reconciling higher growth with a fairer distribution of income and opportunities Monetary policy in the euro area Mario Draghi says that monetary policy still needs to be patient, persistent and prudent, despite improvements in the euro area economy What sort of trade deal should the UK negotiate with the EU? Free trade arguments are examined in depth, and Patrick Minford considers the costs and gains should there be no agreement Crowd working and the gig economy: the awakening of a sleeping giant? Werner Eichhorst and Ulf Rinne consider the ongoing changes in the labour market, but say that the massive upheaval and disruption scenarios do not match the evidence Transforming business culture How can we help get employees’ brains into a better place where they can work at their best? Hilary Scarlett writes that to create a properly-performing organisation responsible leaders need to understand the brain Hydrogen: the missing link for the energy transition Nicolas Kraus discusses hydrogen technology and how it can contribute to meeting the climate goals set for Europe President Donald J Trump’s State of the Union Address Donald Trump outlines the record-setting accomplishments of his first year and cast a vision for building a safe, strong, and proud America Can Industry 4.0 save the planet? The use of technologies, techniques and business models linked to industry 4.0 will be essential to achieve a low carbon transition, and the the public sector will play a key role, argue Tomas Wyns and Martin Porter A global architecture for international trade: a collaborative approach Olivier Paul sheds light on the unprecedented changes facing the trade finance industry, and explains how ICC aims to positively shape the global trade landscape Enabling ICT for development Interview with Dr M-H Carolyn Nguyen, who explains why governments need to start thinking seriously about how to leverage ICT for their development goals, and why an appropriate policy environment is crucial to enable the level of investment necessary to support sustainable economic growth Beyond the Juncker and Schäuble visions of euro area governance Two diametrically opposed versions of the euro area architecture have been proposed. Guntram Wolff identifies new ideas to develop euro area governance Of what value is faith (in a poet’s religion)..? Deepanshu Mohan considers faith, and asks whether it will emancipate us from a higher degree of materialism The coming EVolution of road transport Aaron Cosbey examines the full impacts of a low-carbon future on the transport sector, where governments and carmakers are hastening the end of the internal combustion engine European worries about isolationist trends Populist shocks in the UK and US threaten the multilateral order on which the EU depends. Maria Demertzis asks what lies behind these earthquakes, and what does it mean for Europe? State of the European Union Jean-Claude Juncker takes stock of Europe’s current political and economic landscape, reviews the work of the EU over the past year, and looks ahead to the priorities of the coming year Four reasons why the EU is failing Korbinian Rüger and Benjamin Zeeb discuss why the European Union is failing and what we can still do to save it Japan's choice Stephen Nagy discusses the choice for the Japanese; stability, security and growth vs. stagnation, insecurity and relative decline Financial stability a decade after the onset of the crisis Janet Yellen defends financial rules introduced after the 2008-2009 financial crisis, backing policies that President Trump has deemed “a disaster” Sustaining openness in a dynamic global economy Stronger productivity growth is needed to combat the debt and demographic challenges faced by advanced economies, asserts Mario Draghi Inclusive growth and prosperity – for whom? Instead of prosperity the last decade has delivered inequality, insecurity, and the rise of nationalism and populism. Simon Caulkin argues that this is a secular challenge that business, and especially managers, must face head on Central banks still run money creation Daniel Dăianu argues that a very radical reform of the financial system will happen if there is another financial crisis Eurozone or EU budget? Confronting a complex political question The European Commission’s reflection paper is the latest document to ponder a distinction between EU and euro area budgets. Guntram Wolff asks if we need to split the two, and what would each budget be used for? Brexit’s impact on trade Brexit and the election of Trump has injected a major dollop of uncertainty into international commerce. Dan Ciuriak writes about how this could reshape the global trading system China’s new world order Fraser Cameron reviews the BRI and considers whether China can manage internal transformations and provide the leadership to transform the countries between China and the EU USTR Lighthizer introduces the Trump trade doctrine Shanker Singham looks at President Trump’s trade policy, and what the Administration means by ‘free and fair’ trade The economics consensus about Brexit Patrick Minford examines why the consensus of economics opposed Brexit, why they are wrong and demonstrates that no deal is the best deal Development review brings welcome focus on trade finance gap The UN review of the trade financing gap is a welcome step in addressing this chronic problem, the International Chamber of Commerce writes Brexit and the case against a ‘European army’ Daniël Turk explores the growing calls for further European military integration and how this will erode member states’ sovereignty The mixed blessing of the ‘multi-speed’ EU Marek Dąbrowski examines the rationale behind a multi-speed European Union and the potential risks that could encourage anti-EU sentiments Brexit fork in the road Angus Armstrong asks if it really is the case that the UK can ‘take back control’ and be better off at the same time? A renewed approach to competition law BusinessEurope aims to encourage businesses to develop and apply competition compliance and awaken antitrust authorities to the importance of supporting companies’ compliance efforts, Guido Lobrano writes Crime and justice after Brexit Robert Oulds explains how co-operation will continue after Brexit without the need for Europol membership International arbitration is the way to settle the UK’s Brexit bill The UK-EU financial settlement risks becoming a toxic stumbling block in Brexit negotiations. André Sapir writes that to diffuse the issue both sides should agree to independent international arbitration The high road to a responsible, open financial system Mark Carney looks at London’s importance as a global financial centre, and how, against the background of the Brexit negotiations, the Bank will work to support global prosperity through an open global economy What could a euro-area finance minister mean? The idea of a euro-area budget and finance minister have been around for a long while, but the arrival of President Macron gives the proposals new impetus. Guntram Wolff asks why might the euro-area need a budget, and what would it do? The new protectionism: where does it come from and where may it go? It seems we are in a transition towards a new international regime, a new order, finds Daniel Dăianu 2017 - the year Europe’s fate hangs in the balance Korbinian Rüger examines the three major challenges facing the European project in 2017 Can Trump save the euro? The eurozone urgently needs an economic boost. Daniel Gros writes that US President Donald Trump may be just the person to deliver it The role of TIR Convention in effective implementation of the BBIN MVA Implementation of the TIR Convention holds the promise of boosting regional connectivity, Bipul Chatterjee and Surendar Singh argue Promoting climate protection while preventing protectionism Susanne Dröge says it is time to talk openly about the options and the risks and to agree on protecting the climate without protectionism Europe in a new world order Maria Demertzis, André Sapir and Guntram Wolff explore what the EUs strategic reaction should be to US diminishing giant policies, and the EUs role in a world of declining hegemony and shifting balances Trump, Iran, and guidance for European businesses Matthew Oresman looks at the Trump Administration’s approach to Iran and what European businesses need to consider WTO TFA entry into force is a watershed moment for world trade The entry into force last month of the World Trade Organization’s Trade Facilitation Agreement – a landmark global trade agreement – could provide a boost to global trade flows of over US$1 trillion, writes the International Chamber of Commerce How do you compensate losers from globalisation? Werner Eichhorst and Florian Wozny look at how the gains from openness can be realized without undermining support for trade and migration Brian Stuart-Young. International Banker of the Year In a Q&A with World Commerce Review Brian Stuart-Young says Antigua and Barbuda is well poised to establish the jurisdiction as a stable hub for the growing demand of foreign and local investments Reinvigorating productivity growth Christine Lagarde says that policymakers must take action to address the forces that are holding back productivity, such as aging, the global trade slowdown, and slowing improvements in educational attainment Post-Brexit trade and development policy Richard Baldwin, Paul Collier and Anthony Venables suggest that the time is ripe for the UK to embrace a new trade and development agenda to demonstrate a country ready to play a key role on the world stage The EU should not retaliate against Trump’s protectionism Marek Dabrowski argues that the EU should build a broad coalition of allies to defend free trade Improving the investment climate in Europe Markus J Beyrer says it is essential to speed up the process of removing the remaining barriers to the single market Chinese Presidency of 2016 G20 Summit: expectations vs outcomes Geethanjali Nataraj and Ramandeep Singh say that a roadmap has been laid for ensuring that future global growth is innovative and sustainable Trump triumphs, Europe shocked Fraser Cameron examines the implications of Trump's victory and looks at how Europe should react Deutsche Bank’s struggle to raise capital: the bellwether for a new normal Iakov Frizis and Paul Lirette say European private banks will need to adjust to the ‘new normal’ of weak profitability and undergo a restructuring of their business model The EU must stand ready to confront US leadership This is not the first time that the United States has antagonised Europe. And Europe can provide an effective response to such external challenges when it stands united, Emmanuel Mourlon-Druol writes Internet governance and global goals – strength in diversity Elizabeth Thomas-Raynaud on the role the internet can play in achieving the Sustainable Development Goals Climate change and fossil fuels: the growing urgency to divest Global efforts to mitigate climate change must soon take a heavy toll on future fossil fuel demand, Jeff Rubin writes The post-Brexit fandango To leave the EU cleanly the UK must make sure that this path leads to unilateral free trade and not some half-hearted protectionist substitute, Patrick Minford argues Is AGOA working for Africa? William Gumede asks if AGOA has not benefited African countries, what can they do to make it work better for them? DiCaprio climate change film error-strewn DiCaprio’s new film is based on the highly debatable hypothesis that carbon dioxide emissions from human activities are causing catastrophic climate change, write Tom Harris and Tim Ball 54 states and infrastructure financing challenges in Africa Asmita Parshotam and Cyril Prinsloo examine the challenges African countries face in filling the infrastructure financing gap The trade issues which must be solved by David Davis’ Brexit Department Robert Oulds says Brexit negotiations must aim to prevent the complexities of trade slowing the free flow of goods after Britain leaves the EU The state and prospects of the euro area recovery Mario Draghi writes about the factors that have put the euro area economy on a stronger footing, but also the reasons why we cannot yet drop our guard Trump’s rhetoric: retrenchment, status quo or deepening engagement? Stephen Nagy examines the potential effects Trump’s policies will have on trade and security in East Asia Trumped up trade: the end of an era The days of US fiscal restraint, and of global trade growth outpacing GDP growth, are now over, Sebastian Dullien writes Europe after Brexit: a proposal for a continental partnership Jean Pisani-Ferry, Norbert Röttgen, André Sapir, Paul Tucker, and Guntram B Wolff propose a new form of collaboration, a continental partnership, that will maintain Europe and the UK’s influence in an increasingly volatile world Challenges for financial markets Jon Cunliffe reflects on the factors that have influenced London’s position as a global financial centre and considers some of the implications for European financial markets from the UK exiting the EU Sovereign debt in the euro area: too safe or too risky? Europe needs reforms if its debt is to meet the multiple expectations society attaches to it, and may require a degree of fiscal risk-sharing at euro area level. Benoît Cœuré discusses how to square the circle between risk and safety An age of ultra-low interest rates? Daniel Dăianu writes that it is too early to say and that we need to bank on the reinvigorating force of the entrepreneurial spirit and pragmatic policies during the slow recovery underway The great normalisation of global trade Alexander Al-Haschimi, Martin Gächter, David Lodge and Walter Steingress find that an upturn in aggregate demand will not necessarily lead to a significant recovery in global trade Britain’s Asian opportunity Brexit offers the UK an opportunity to develop a more independent trade policy towards Asia, asserts Ganeshan Wignaraja New globalization through investment Joaquim Levy believes greater infrastructure investment can help raise potential growth and invigorate the globalization agenda What does China's 'belt and road initiative' mean for EU trade? OBOR will bring huge improvements in regional and international connectivity, Alicia García-Herrero and Jianwei Xu explain The industrial internet will transform policymaking The ‘internet of things’ will bring major changes in many areas of life, including the political arena. Giuseppe Porcaro asks what will be the new communication tools, strategies and narratives for policymakers? What consequences would a post-Brexit China-UK trade deal have for the EU? Alicia García-Herrero and Jianwei Xu find that a UK-China FTA will be neither easy nor clearly advantageous for the UK UK’s €40 billion bill could be EU’s first Brexit hurdle Lewis Crofts and Matthew Holehouse examine how the Brexit negotiations will be affected by outstanding budget liabilities The G20: business engagement for a sustainable and inclusive global economy CEOs from across G20 economies call for a credible action plan to open markets, mobilize private sector capital and make it easier to trade internationally, International Chamber of Commerce write Economic incentives to create better workplaces Werner Eichhorst and Carolin Linckh discuss external economic incentives as a policy instrument to promote health and skill investments by employers in Europe Emissions scandal driving more regulatory scrutiny for automotive sector Regulatory scrutiny has long been a burden for businesses but by implementing proactive compliance strategies the costs and fines associated with regulatory investigations can be significantly reduced, Lauren Grest finds The Apple tax bill is not protectionism International conflicts are inevitable when governments challenge the excesses of multinational corporations, Sebastian Dullien writes A roadmap for a post-Brexit EU Brexit is a blow to the European idea, but it also presents an opportunity for Europeans to discuss a realistic future, Petros Fassoulas writes Basic income - free money for everyone? Fleur de Beaufort examines the growing calls for the introduction of some form of unconditional basic income in Europe

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