 Ond i sgwrwt, rwy'nまぁs adnod eich不能 ar ysgrif protected that is about another way in which the Cintra Forum has been persistent and that is in seeking the young economists who can provide answers to the challenges future generations face. Dwi'n ein bwysig ymdraedd ar y cyhoedd gondol iawn, yn rhywbeth gyda gael gan y paineg Cyrdraethol, sy'n gallu'n bwysig yr ysgol iawn i iechyd ymddangos am y mwyn ymwybr yn gweld fathafol. Os ydw'n wir! Byddwch as well yn gweld ac yn rhan o'n dod yma, rydych chi i ymdrech cyngor yn Aelodau, gyda'r gyrfa a'r gyrfa. A'r gyrfa yw'n rhan o'r cyfrannu cadwyr HG students who are shortlisted from many other applicants and came from all over the world to present their research here in Syntra. It is really important to discover and encourage young talents. These people will be the bright minds of tomorrow. They will lead our economy through future challenges. The papers that you shared, you all in the back of the room over there, the papers that you shared and that you presented to many of us earlier today, of a fresh perspective on challenging central banking issues that we face today, such as changes in inflation and inflation expectations, green investment, transmission of monetary policy, open banking, customer data sharing, you name it. All submissions were assessed based on the academic quality and policy relevance. Many, many thanks to all of you who raided the papers, and this helped us to select the winner. I would also like to thank the members of the Selection Committee for evaluating them, namely Jody Galli, Professor at Pompeu Fabra University, who presented this morning, who discussed the paper this morning. To Ellen Ray, Professor at London Business School, and to my EC colleagues Philip Hartman, Isabel Vanstein-Kist, and Yir Calek. To all of you, thank you very, very much. Now, what I would like to do before I announce the winner of the trophy and the 10,000 euro check that goes with it. Sorry, will transmit digitally probably. I think we should give all of them a big round of applause and recognise them. So I know that this is a bit nerve-wracking for some of you, but it's time now for the announcement of the one who is actually receiving the trophy. The trophy is going to come along, I'm sure, somewhere. Oh, the trophy is here. Excellent, very good. So the winner of this competition is Lukas Nord. Lukas, congratulations. So for those of you who did not have a chance to listen to his presentation and to have a look at his big table, Lukas is a PhD student at the European University Institute in Firenze, and he is receiving this award for his paper on, I quote, shopping, demand composition, and equilibrium prices. The paper analyses how the degree to which consumers shop for bargains influences retailers' price-setting strategies. Lukas finds that this mechanism reduces inequality and helps to explain the amplification of aggregate shocks through reactions in firm Marksup. Our warmest congratulations to you, Lukas, for this very well-deserved award, and let me now give you so you can hold it and be photographed with it. You are here receiving the trophy of the ECB Forum 2023. Congratulations. Thanks a lot, President Lagarde, and thank you also to the jury who selected me or by the public vote, I guess, all of you. Thank you very much. It's really an honor to receive this award, and it's a particular honor to receive it in a very, very nice company. So I spent the last two and a half years, two and a half days, it feels like two and a half years by now. I spent the last two and a half days getting to know an amazing group of young economists, and I think that I can only agree with President Lagarde if this is the future of economics, I think the future of economics doesn't look too bad. So thank you very much, and maybe join me again and an applause to all of my fellow finalists. Thanks. Well, now I believe it's time to bring this to... You can stay here if you want, because, as you say, you look pretty good. Stay. We want you to keep at it. But it's time to bring this conference to a close. I'm sure you would agree with me that we had really excellent, rich discussions, great papers were presented, great discussions actually argued eventually or found room for further discussions on all the four papers, and the two panels that we had were also fascinating, both in terms of the leadership of those panels and also the content and the contributions by all panellists. So thank you so, so much for bringing all this in a very candid, honest and open way to the Sintra conference. This is the value of this conference. We are from many different horizons, academics, policymakers, journalists, people from the finance world directly, and we all come with propositions with an open mind and the willingness to actually accept others' ideas and discuss them eventually. So we will do it again, promised, and I would like you to note the date. It will be next year from July 1st to July 3rd. So a little bit later in the year, we have tried to figure out whether the wind would be a bit more gentle with us, but there is no guarantee and we will continue to have the benefit of this fascinating microclimate. In the meantime, hopefully inflation will have gone down a bit and we will have been more successful in delivering on our mandate and you will have helped us in thinking more deeply and more comprehensively about many of the factors that we have to look at and take into account when we decide our policies. In the meantime, I'm going to ask you not to leave right away, but to go outside because we have, as we always do, a family photo for all of us. You don't have to put your jackets on, you can even take your tie off. You have noted that all central bank governors, the big four as they're called, none of them was wearing a tie. Final announcement that I make on behalf of my colleague and friend Mario Centeno, who is somewhere... Mario? He's probably preparing dinner in that case because he's hosting us tonight for dinner and for those of you who do not come for dinner, please have a safe flight and come back next year. Thank you so much.