Ruben Schaubroeck: It's no secret that Europe has lagged behind both America and Asia over the past years, and looking at different metrics, you can see that. If you look at, for example, total TMT market capitalization, Europe's share has dropped from 30 percent to 7 percent, which represents an $8 trillion loss. Secondly, if you look at the top 50 companies in terms of market cap, there used to be 22 European companies. Today we're down to four, while there are 22 American TMT companies. Finally, if you look at revenue growth, Europe has basically increased its TMT revenues by a factor of three. Globally, however, we have seen an increase by a factor of five. Taking all of that together, it's clear we've lost some relevance and scale in European TMT. European TMT executives we've surveyed recognize that. Only 8 percent of them feel we've been successful in capturing the opportunity in the past. However, to end on a bright note, 85 percent of those same executives think there's a...
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