aspirations of people all around the globe. And you should know that I am very proud of everything thiscountry has done. I don’t always agree with everything that it does do today. But we have a responsibility andI think America you will find will stand up and do it’s part.Now some people doubt that the world’s great cities are up to the tasks before us, but I do not. Time after time,cities have shown an ability to overcome even the most daunting obstacles and to mobilize and maximize thetalents of our people. Today I would like to use the transformation of New York City as a small example of what I think can be done and God knows that you in this room and your colleagues around the world are trulytrying to face infinitely more serious problems with people who are just trying to stay alive. But nevertheless,what New York City has done perhaps can be used elsewhere and we would proud if anybody would take ourideas and plagiarize them and improve them and send them back to us even better. We have no “not inventedhere” problem. We are a city, a global city. And the great strength of New York is that we have taken ideasfrom every place.If you go back to 9/11, many people thought that New York’s days of greatness were numbered. There wereserious predictions that businesses and residents would flee the city wholesale, that our economy would neverrecover, that crime would once again take root in our city and that New York was headed for an irreversibledownward spiral of decline. I don’t know if that sounds familiar, but it should because I’d bet that all of youhave heard the naysayers and cynics say exactly the same thing and disparaged the work of the World Bank andsay that you won’t succeed, that you can’t succeed. We heard the exactly the same thing – doubt, defeatism,hopelessness, negativism, but I think we’ve shown, and you have shown, that that we can address theseproblems. And in New York in the last six years, New York City certainly has proved the naysayers wrong andI think you are doing the exactly the same thing.How did we do it? Well there’s no one answer, of course, no royal road to success. But I believe there are fourvalues which have helped transform New York City and which provide lessons for the rest of the world, lessonsthat are universal and transferable. And they are: harnessing the force of immigration and globalization;tapping the power of innovation; instituting rigorous and accountable governance; and having the independenceto take on entrenched interests when they stand in the way of progress. And let me expand on each of thesevalues, beginning with the long-term and continued embrace of immigration and globalization.If you want to know what I think is the single biggest difference between New York and other cities that havenever recovered from the job losses of the 1970s in America, I have one word for you: immigrants. Over thepast 30 years, our immigrant population in New York has more than doubled in size. Today, 37% of NewYorkers – more than three million people – are foreign-born and more than 70% of them have come to NewYork since 1980. Their ambition, hard work, and entrepreneurial drive continues to bring dynamic new life toour economy and a fresh new spirit to our city. New Yorkers understand that. Even after 9/11, when it wouldhave been understandable for us to become fearful about the rest of the world, we have continued to welcomeimmigrants in New York City at a historic-making pace and they have more than repaid us.Just as important as this global movement of people is the increasing crucial role that global capital plays inNew York’s economy. We finance development around the world and you see today other countries are doingthe same thing in New York – international and multi-directional. The power of globalization played a big partin reviving New York’s fortunes over the past 30 years and prev- and in preventing us from going into adownward spiral after 9/11 and our success story is far from being a “one-off” anomaly in this world.