 Chancellor Merkel, Monsieur le Président de la République, Monsieur le Président de la République italienne, Madame la Présidente de la Commission, Monsieur le Président. Madame des messieurs, Madame des messieurs, les gouverneurs, les ministres, les commissaires, present, past and possibly future. Signor Presidente Draghi, Signora Draghi. It is customary in very well speeches to recount the highlights of the many worthy professional deeds of the person who is living. In your case, Diomario, these deeds are so well known that there is no need to repeat them. I have actually committed to staff not to say the famous three words. So let me instead, and varying a little bit from the three beautiful qualities that President Macron has identified, vary a little bit and highlight those personal qualities that I associate with you and that have turned you into such a leading figure on the international scene and that I admire most. The first quality, very similar to the knowledge that you've identified, is the wisdom that you impart. In all those numerous meetings that we both attended, whether at the IMF or in European institutions, I have always been impressed by your contributions. You speak with clarity, your insight are based on solid analysis and evidence, you command attention, you create silence, you sometimes cause concern and rightly so. It is what I call the Mario approach. That approach is vital in a world that is constantly changing. Economic relationships and trends shift. Policy reactions that were appropriate two decades ago are no longer valid. Only through continued research can we fully understand the contours of the problems and the way in which we can address them and propose new solutions. But wisdom without a purpose is not enough. Your contributions also demonstrate your devotion to economic and monetary union with the euro at its core. During the sovereign debt crisis you played a pivotal role in finding a European solution that underpinned the return to stability. You understood, there were not many at the time, the power of destabilizing dynamics that risked becoming self-fulfilling. Changes in market pricing caused by fears of countries leaving the euro were exacerbating economic difficulties and thus making such an event even more probable, the self-fulfilling prophecy was in place. But you realized that the vicious cycle needed to be broken and that it was vital to anchor the irreversibility of the euro. And here your second quality, your determination was crucial because insight was not enough. You also had to act together with the governing council with creativity, vision to use all available tools in the ECB's mandate. File K. Chid Devi is certainly something that you had in mind and that we had in mind and should have in mind. Your decisiveness and commitment inspired confidence not just to the markets, not just to the economy but also to the policy makers who were inspired by your confidence. As you have noted, the moves establishing banking union, the European stability mechanism and structural reforms in a number of countries were also a vital part of the process. But you inspired us at the time. Your dedication to the future success of the euro remains unabated. You continued to advocate for the completion of the reforms started during the crisis, for structural reforms that have been started and maybe not yet completed in order to harness the opportunities for living standards offered by the single market and for a better mix between monetary and fiscal policy in order to facilitate the effectiveness of both of them in an interrelation that is something of a chemistry. These factors all remain crucial to ensure that we never have to face such a crisis again or that if we ever have to face it, we are actually equipped to deal with it. Now to anyone who knows you Mario, I think it is very clear that underlying all that you have done is a genuine commitment to the people of Europe. The euro does not belong to you, you know that. It does not belong to the ECB, however well it serves it, it belongs to them, to the people of Europe. And we are merely stewards on their behalf. As we both know, we are just passing through. And while always faithful to the mandate for price stability, you showed you care for people through your speeches raising a number of important issues. A few years ago you gave a speech in Dublin highlighting the long-term cost to our societies of youth unemployment. You pointed out that while national policies were crucial, Europe could actually provide part of the solution through the opportunities offered by the single market. And if there is one number that you mentioned, it is not necessarily 2% close to but below, but it's 11 million of those jobs that were created. You have also highlighted how Europe provides protection for people. And in your speech earlier this year at the University of Bologna, you explained how by working together we increase our sovereignty in a globalised world and distinguished between independence and sovereignty and how one can facilitate the other. Europe has been at the heart of everything that you do. Your stewardship is now coming to an end and you live with the euro more popular than ever and trust in the EU at its highest level since the crisis. Let me thank you for all that you have done in bringing about the continued success of the euro area and more importantly the wellbeing of its people. Your legacy is such that it is a call for us to excel, to exceed expectations and to deliver on the mandate and to serve the European mission as you have served it with wisdom, with determination and with commitment. Now that should be the end of my speech but because we both love music and I cannot duplicate the talent that are out there, I thought I would just mention the words of a song which in my view corresponds very well with what you have done, which if not inspired by the Jesuits might actually meet the expectations as well and you will recognise it. Ring the bell, ring the bell that can still ring. Forget your perfect offering, there is a crack in everything. That's where the light gets in. Thank you very much Mario.