 It's my pleasure to welcome you to this second ECB Forum on Banking Supervision. What is clear is that European supervision has been instrumental in building a stronger and more resilient banking sector. The euro-aurea banks are in a much better shape than they were when we took over supervision in 2014. They have more capital. They have worked a lot to address their legacy issues including the non-performing exposures. Why should we be pushing for this broader European financial integration? Essentially for two reasons. Because resources will be allocated more efficiently in Europe if there is a healthy integrated financial market which will help to make the people better off. And most of all, and this is why the Capital Markets Union project is so important, is that it helps to transfer risk. As long as there is political uncertainty in the future of the union, the markets will not tend to integrate. Technology is changing Europe's banking landscape to pick up on the title of this year's conference in ways that many of us hardly would have thought possible just a couple of years ago. I think that AI is ultimately going to disrupt everything and disrupt every industry but certainly banking is one of the places that we're seeing it happen already and I think it could well be very destructive and relatively near a critical term. The first time we are seeing with artificial intelligence and potentially blockchain to come to really taking cost out of the industry and therefore at least bringing profitability to a reasonable stage back. Our task is not to tell a bank manager what kind of activities he or she should decrease or increase. For us it is rather the question of do we assess the business model as viable and what kind of risks come out of these business models and how do we act with regard to our supervisory expectations towards the bank. If we have a bit more regulation it actually could be a good thing. Why? It actually gives to our shareholders the certainty that our business model is properly managed our risks are properly managed and that our cost of capital should go down. Your client is changing fast because the internet is redefining the consumer experience that they want. Data is the essential thing that makes this revolution different.