 So, I assume you are ready with the installation of your laptops, then I would like to welcome you on behalf of the members of the jury, and we are very interested in your presentation about the monetary policy decision of the ECB that actually is being taken and discussed today, but first we want to listen to your presentation, so please go ahead. Good morning, ladies and gentlemen. I, on behalf of my team and myself, would want to thank all of you for providing this amazing opportunity provided by the Year Generation Student Award, and also for all the hard work that must have been occurring behind the scenes. To start, I would want to introduce our team. On my right is Anho Kim. To my left is Caroline Turneson, and my name is Igor Nasky Martinez. So, without further ado, let us commence the presentation. The Generation Year Student Award team thinks it is best to keep the key ECB interest rate, the main refinancing operations rate, unchanged at 0.05%. This decision to keep the interest rate unchanged is due to our extensive economic and monetary assessment, which ought to stimulate the economy, enlarge money growth, and maintain price stability. This will aim to achieve inflation rates below, but close to 2% over the medium term. Firstly, our economic analysis assessment can be justified in greater detail. Latest data show that the real GDP of the Euro area as a whole has narrowly grown at 0.3% in the fourth quarter of 2014, higher than the estimated forecast and on par with previous quarters. The ECB's monetary policy measures with structural reform must continue to support domestic demand, which is expected to edge higher corresponding to higher real GDP growth as the year progresses. Revised upwards this year from last year, macroeconomic projections for the Euro area foresee real GDP to increase by 1.5% in 2015, followed by 1.9% in 2016, and lastly 2.1% in 2017. Three latest developments, which I will now expand upon, have contributed to the economic growth in the broad Eurozone. Firstly, continued suppressed energy prices, most notably crude oil which has stabilized at as low as around $50 a barrel, double that since last summer, should continue to support Eurozone import expenditure, corporate profitability and household expenditure. Secondly, the depreciation of the Euro, which has lost around 20% of its value mid-2014, has increased the competitiveness of European firms, consequently improving the Euro area's balance payments position. Seasonally adjusted, both Euro area imports and exports since 2014 are at all time highs. Thirdly, the ECB's monetary policy, most notably the additional asset purchase program, also known as quantitative easing, which will be elaborated on further on this presentation, has had numerous positive effects on the outlook for economic growth. These three key developments, suppressed energy prices, depreciation and QE, have all had a favorable impact on the broad Euro area's economic recovery. However, the economy recovery will continue to be stifled by chronic unemployment. Persisting unemployment barely decreased from its 12% peak two years ago to a current 11.2%. The long-term unemployment remains at 5.9%, unchanged since the beginning of 2013. Youth unemployment at 22.9% is only slowly decreasing from its unsustainable levels. These decreasing unemployment figures suggest that business are reluctantly becoming willing to hire. Unemployment is a vital aspect in our economic analysis, with a key component to support a notion to keep the key interest rate unchanged. High levels of unemployment translate into diminishing consumptions, causing a deflationary gap to arise due to insufficient aggregate demand. The statistical labour market has led to dampened domestic demand, as disposable income remains low. Wage creation has performed below historical averages, merely increasing 1.6% on average years last year. This results in unutilised and excess capacity, as shown as below average retail sales remain stagnant, currently at 1.1% over the previous month. On the other hand, saving rates remain too high at 13.09%, with consumer spending stagnant at 2,008%. Moreover, industrial production remains low, only at 1.2% in January 2015, over the same month in the previous year. Car registrations, a key proxy, remain restrained at 20% below pre-crisis levels at 797,000 vehicles in February. However, industrial production has increased from the start of the year, with the PMI manufacturing standing at 50.41%, a peak since four years, suggesting the beginning of a sustained recovery in business activity. The private sector is expected to benefit as it is unlikely to face bottlenecks in supply, and therefore price rises are improbable since the years-on-faces deflation due to weak aggregate demand is said. Nevertheless, consumer and business-confident indicators remain pessimistic. Consumer expenditures on goods and services and investment on spending on companies on capital goods will remain suppressed, resulting in weaker aggregate demand. Overall, the Euro area economic outlook, which has improved, expected to remain both fragile and weak. Finally, financial markets reflect determined belief in the Eurozone, bolstered by the ECB's additional asset purchase program. European government bond rates have continued to decrease, and are their lowest since the start of the financial crisis over half a decade ago. European stock indices, which have remained largely unchanged last year, have now markedly risen, coinciding with the program. Deflation in the Euro area continued since first commencing in January. The HICP, the ECB's price stability indicator, stood at minus 0.1% in March, up from minus 0.3% previously in February, continuing the extended period of low inflation. Strongly affected by the sharp fall in the price of oil in the prior year. However, the price of oil has stabilized, its negative effects on short-term price developments are to be subdued. Nonetheless, all prices have merely expedited this inflation, which has been occurring since 2011, largely due to the economic and labor situation. Persistent low inflation would negatively impact wage growth, as the real value of debt and real interest rates will start to rise, adversely affecting both consumption and investment, reducing the effectiveness of the ECB's monetary policy and reducing private sector investment. Additionally, expectations of further deflation in the future will detrimentally alter consumer behavior as they postpone consumption. Nevertheless, the HICP inflation has risen by half a percentage point since January, indicating that inflation is forecasted to increase moderately starting this year. This has been due to the gradual broadening and strengthening of the Eurozone economy, as well as the ECB's additional asset purchase program and other monetary policies. In conclusion, food and energy prices as well as economic and geopolitical developments of the Euroarea trading partners will continue to influence HICP inflation. Finally, fears of runaway inflation caused by the additional asset purchase program are to be abolished, as the Euroarea faces deflation due to weak aggregate demand and excess capacity of supply, which suppresses charges causing a deflationary gap to arise. The additional asset purchase program, also known as quantitative easing, has been introduced by the ECB in January as the standard monetary tools have become inefficient. In the medium to long term, declining inflation should be offset by the effects of the program, which will push inflation upwards by inserting liquidity into the Eurozone economy as it involves the central bank purchasing government and corporate securities. This would translate in the depreciation of the Euro, increasing the competitiveness of European firms in foreign markets. Purchasing bonds from private, financial and non-financial situations results in increased lending by banks, which increases the money supply and investment by firms thus increasing aggregate demand. Furthermore, it lowers the rates at which institutions borrow, resulting in increased liquidity in the economy. This also applies to member state governments, which have been positively affected by the low, and occasionally negative, government bond yields. This allows governments to issue more debt at a lower cost, aiding them in introducing fiscal policy. On the other hand, we must acknowledge the possible negative consequences of the program. Wealth inequality may be exacerbated due to the consequent rise of asset prices, which benefits the economically advantaged over the economically disadvantaged. The policy may be limited due to large-scale outflows of funds from your area caused by the program which intends low and even negative yields for investors in the Eurozone, already demonstrated by the fall of the value of the Euro and depressed global bond yields. Furthermore, it may be limited in size. In relation to the Eurozone economy, proportionate to only around 7% of GDP, translating into a lesser impact on inflation price development. Despite its numerous positive effects, it must be complemented by growth aimed policies and continued structural reform. Otherwise, the program will be reduced in its effectiveness as deflation expectations will continue to establish themselves. Overall, further impact and progress is yet to be seen by the use of quantitative easing by the ECB. Turning to the monetary analysis, the latest data suggests to sustain growth of the broad monetary aggregate M3, which has increased to 4% in February from 3.7% in January 2015 and continued to recover from the truck of 0.8% in April 2014. This is seen as a positive sign for the prospects of economic growth as it is a result of increased consumption and investment. It is also a factor that ought to be stimulated inflation in the year area as a large money supply decreases the value of the currency increasing prices. Despite that, the growth level is still significantly lower than that of the pre-crisis level. The recovery of the M3 growth is mainly driven by robust growth of the narrow monetary aggregate M1, which increased by 9.1% in February 2015. Meanwhile, marketable instruments, M3 minus M2, has been negative until the fourth quarter of 2014, but currently show a positive upward trend from 0.8% in January to 4% in February 2015. But the contribution of marketable instruments to M3 growth rate has remained negligible, standing at 0.3% in February. Even though the downward pressures of marketable securities on M3 has decreased, growth of other short-term deposits remain elusive. The counterparts of M3 credit to the private sector, which consists of capital lent firms by financial institutions, which is key gods of the leveled investment in the economy, and an important source of M3 growth. Its annual growth has improved from minus 0.6% to minus 0.4% in February, but still remains elusive and also negative. More specifically about loans to the private sector, the annual rate of change of loans to non-financial corporations was minus 0.9% in January 2015 after a minus 1.1% in December 2014, continuous tenuous recovery from the trough of minus 3.2% in February 2014. Even though this has been a large improvement from several years ago, which resulted in decreased bank lending rates and indications of less credit supply tensions, both of which increase investment, the volumes of loans to non-financial corporations remain much lower than before the financial crisis. Focusing on MFIM loans to households, they have increased from 0.8% in December to 0.9% in January, affecting the multi-year weaknesses in household expenditure, but an increase nonetheless which has recently strengthened. Meanwhile, the strengthening of banks balance sheets should contribute to reducing credit supply constraints and facilitating more lending in the future. Furthermore, the ECB's new mandate, the supervisory role to monitor the financial stability and health of banks in the Eurozone and other EU states, and other regulation of the banking sector, in accordance to Basel III, should impose stricter credit standard and higher spreads and loans. All of the above would stabilize the financial system, but have navigative effects on profitability and flexibility of banks, increase bank funding costs, as well as their ability to extend lending, as shown by the bank lending rates growing merely 3% in January 2015. Monetary policy alone, however effective, must be accompanied by fiscal and growth policies to improve general health of the European economy through demand side policies. For economic growth to gain momentum and for the Euro area to recover further, aggregate demand ought to be increased as the region remains stagnant. To do so, we advise Eurozone members to provide fiscal stimulus for the economy. However, it ought to be judiciously used as many countries are far from reaching debt sustainability in compliance with the stability and growth pact. Member states are therefore encouraged to stimulate consumption, investment and external trade to increase aggregate demand to reduce the deflationary gap by increasing capacity utilization without undermining any fiscal progress achieved in the last few years, especially in many of the Eurozone stress nations. Fiscal irresponsibility is likely to prolong the recession and create long lasting structural issues, thus dampening economic activity. Furthermore, it is essential for continued structural reform within member states to complement fiscal and monetary policies. All member states are urged to do so. Moreover, reform of the Euro system and European institutions is crucial for sustained European economy recovery. Taking into consideration the needed convergence of social policies of all countries, all member states are urged to aim for greater fiscal union in the long term. To summarize our monetary analysis, the strong growth in M3 money supply does show great improvement along with M1 and its other components such as marketable securities and overnight deposits. The increase in MFI loans to the private sector, NFCs and households indicates that the growth in the money supply, even though limited, may be sustained in the future. Thus underlying money and credit growth at the start of 2015 continue to recover and further improvement in the credit flows and M3 should be expected. In conclusion, as seen through our extensive economic analysis, a deflationary gap exists due to weak aggregate demand, deflation and high unemployment. This signals that the economy is struggling and interest rates should remain rather low. However, our analysis has proven that the economy is improving, signalling that we should consider the possibility in the future of a rise in interest rates. It must not be done prematurely as the current economic recovery is still too fragile and weak to support an increase in the rate of interest. Thus, we have decided we must maintain the key ECB rate unchanged. Moreover, as seen through our extensive monetary analysis, we have established that M3 is growing to dusting that currently inflationary forces have increased, which ought to benefit our economy, thus supporting our notion to keep the key interest rate unchanged. Furthermore, quantitative easing has been proven to be effectively implemented. Thus, with its promised future expansion, keeping interest rates unchanged should further support the QE program. Additionally, it must be kept in mind that all data produces an average of all 19 eurozone states, thus doesn't reflect each country's specific situation. Lastly, although our monetary analysis is integral, we must consider the necessity of fiscal stimulus to increase aggregate demand as it is essential to ensure that the current eurozone economy recovers. Finally, the necessity for structural reform must not be understated in order to successfully complement the monetary and fiscal policies. Thus, with our comprehensive economic and monetary assessment, our analytical team has decided to keep the interest rate unchanged at 0.05%. This will aim to achieve inflation rates below, but close to 2% over the medium term. We hope you liked our presentation. Thank you very much for your attention. We are now open to any and all questions.