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There’s been a lot of talk about whether a global recession is looming. Do you have any thoughts on that?
I’m not a lawyer and I’m not an economist either.

What I can say however is, we are at an extremely challenging, difficult juncture. The overall global governance that we’ve known for the past 15 years—I would say even 40 years—of peace is threatening to come to an end. With what’s happening in Ukraine, with the tensions with China, we have a sense of that.

And I do not see an improvement in the geopolitical outlook, which is worrying, and which has, by definition, consequences on the economic outlook.

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So that’s one.

Two, obviously, inflation is something that companies had lost sight of. Most business leaders have heard about inflation in their childhood, or when studying, but have not really lived through that.

I vaguely remember my parents talking about inflation in the ’70s and early ’80s, but then it stopped. And it stopped almost everywhere