 Thank you. Dear Olivier, dear guests, colleagues, ladies and gentlemen, I'm delighted to welcome you here in Cintra for the sixth annual ECB Forum on Central Banking. But before opening the forum and introducing our speaker for this evening, I just want to say one word to remember Marty Felston, who, as you know, passed away earlier this month. Incidentally, he was in the ECB just four weeks, about four or five weeks ago. Well, Martin was a friend to some of us, and I think for all of us, he was a giant of economic thought. He's certainly going to be remembered for his many landmark contributions in a variety of areas. He had a wide-ranging influence on the policy debate in all the world for more than 40 years, perhaps 50 years. He advised presidents, President Reagan, President Obama. He will certainly be remembered for the work he did with the National Bureau of Economic Research. Only a few of you in this room may remember how it changed completely and quickly into what, into the fantastic institution is today. And he will certainly be remembered for being a perceptive, deep, profound critic of the Euro project. So with this, and again, we remember a friend here tonight. I now turn to the forum. This year's theme is of special importance as we mark the occasion of the 20th anniversary of European Economic and Monetary Union. And like all anniversaries, it provides us with a great opportunity to look back at the founding ideas of the Economic and Monetary Union, to discuss the experiences gained over the last two decades, and to identify the key factors and policies that will determine the emu's success in the future. Once again, we have the privilege of having here profound thinkers, first-order economists, and participants from all around the globe. And by the way, let me thank you all for the support that you gave into making this conference that started you, I just said six years ago, to make this conference a success. In tomorrow's session, we'll look back at the economic performance in the Euro area. We'll assess the degree of macroeconomic convergence, the channels that brought it about, or that hindered it, and how it impacted economic growth. It's long been recognized, even before the single currency came into being, that a high degree of convergence was needed to ensure that monetary policy would be transmitted evenly across the Euro area, and therefore supporting the monetary policy that ECB would undertake. We'll also discuss the challenges that we faced during the ECB's phase during the last 20 years, notably in conducting the monetary policy for the whole of the Euro area. Wednesday program is forward-looking. We'll discuss key factors that will likely influence growth and prosperity in the member states. The success of the Economic and Monetary Union will ultimately depend on whether it will generate prosperity for all countries and sustainable growth. And there are a number of challenges to achieve in this goal, including disruptive technical progress, but still relatively low-measured productivity growth, structural divergences across countries, an ageing society, and of course, with the ever more and more complex international environment. We will focus on Wednesday on the role of industrial and technology clusters and the implications of demographic changes and migration. We aim to foster a broad discussion on the policies and reforms that are needed to make the monetary union, its member countries, stronger and more resilient. Now, let me introduce this evening dinner speaker, Olivier Blanchard. It actually doesn't need an introduction. If not for saying that his insights, both provocative and rigorously argued, have often attained the highest goal, or what I think is the highest goal, that any macroeconomist would like to achieve. Namely, make people change mind on important issues that were thought as settled and draw from this new perspective, momentous economic and social policy implications. One of these issues is the role of fiscal policy and public debt in a low-interest environment. Olivier, the flower is yours.