 Good morning, good morning ladies and gentlemen, dear Danielle, dear friends and colleagues. It's my pleasure to welcome you all to this colloquium in honor of Danielle Nui. It's worth recalling where we stood when you, Danielle, took up your position as chair of the supervisory board in January 2014. The euro area economy had barely come out. By the way, 2014 you gave a speech here, I remember that, with all the stuff in exactly the same room. The euro area economy had barely come out of the worst financial crisis in a century. A crisis that had shown how quickly and forcefully the banking sector could fragment and threaten the integrity of the single currency. Setting up European banking supervision was the largest step towards deeper integration since the creation of the monetary union. Expectations were high that the single supervisory mechanism would provide us with the necessary tools to decisively address weaknesses in the banking sector and restore confidence. But an incredible amount needed to be done in a very, very short time. So in early 2014, armed with the SSM regulation, you stepped into a nascent institution and faced the formidable challenge of getting the SSM up and running. You also had to conduct the first ever comprehensive assessment of the banks under ECB supervision. Danielle, you were able to shoulder the enormous responsibility thanks to your many strong qualities, not least your experience. You brought with you more than 40 years of experience as a banking supervisor. At the national level as the secretary general of ACPR, at the European level as the chair of the Committee on European Banking Supervisors Supervision, and at the global level as the secretary general of the Basel Committee on Banking Supervision. Paired with your strong background in financial regulation and your experience in international negotiations, we could not have asked for a more qualified person to be the first leader of European banking supervision. Now just four years later, the nascent institution has become home to one of the largest banking supervisors in the world. More than 1,000 banking supervisors work at the ECB. Together with around 4,700 national supervisors, they directly oversee 22 trillion euro in bank assets, representing about 200% of the euro area GDP. It is a remarkable achievement. And there is no doubt that you, Danielle, played a vital role in mastering this organizational challenge. Indeed, your challenge was not just building a new institution on the basis of funding regulation. It was more than that. It was about the people who work there and now and how they interact, which meant building a common culture and integrating it amongst the wider community. Bringing together 19 different supervisory authorities into a single European system was a daunting task. I know from our experience on the central banking side how hard this can be. And we have 20 years more of age. That is why it is so commendable that you made integrating European supervision one of your top priorities as a chair. Your actions speak louder than words. In the last five years, you visited national common authorities across the euro area more than 80 times and gave 50 breakfast talks with supervisors to promote a European supervisory culture and team spirit. Yet equally important have been the changes you brought to supervision itself. Your vision has always been to achieve more harmonized and European supervision. And you've come a long way in turning this into reality. And you did this in two ways. First, through the high importance you attached to promoting fair and consistent supervision. Harmonizing the main tool of supervision, the supervisory review and evaluation process allows supervisors to treat all banks across the euro area equally. And harmonizing the application of national options and discretions helps reduce fragmentation in the supervisory framework. As a result, you leave a banking sector markedly more resilient than you found it. Since 2014, the C21 ratio of banks has gone up by 300 basis points in the period up to mid-2018. And bank leverage ratios have increased from 4.9 to 5.4%. The second way was through your determination to promote the European perspective that underpins our work. Supervisors address bank weaknesses in their entirety across the euro area, undisturbed by national biases. For instance, European supervision didn't shy away from addressing persistently high levels of NPLs in certain countries by setting out guidance that helped banks draw up ambitious reduction plans and governance structures for the disposal of NPLs. Over the last four years, NPLs have decreased by around 30%. Moreover, your efforts to build a cohesive supervisory board that makes decisions efficiently has allowed European supervision to play an effective role and cooperates smoothly with the SRB in three bank resolution cases in 2017. A failing bank is always a key test for any supervisor. And under your helm, European supervision passed this test with success. But none of this would happen without the personal qualities you brought to the role. Above all, your dedication as a chair. Everyone who's worked with you can attest to the passion and commitment you showed as the chair of the supervisory board. You were renowned for responding to every email sent to you, for your firm grasp of the detail, and your incredible work ethic. Since 2014, you've chaired 119 supervisory board meetings and adopted more than 7,000 supervisory decisions. You participated in 29 hearings held by the European Parliament and the Eurogroup to explain our supervisory decisions and underline reasoning to the public and to the elected representatives. You inspire the first SSMY network in events. The supervisors connect and onsite inspectors day. You have left a strong European supervision that is well-equipped for the future. Your successor will join an institution that now has a huge pool of expertise in banking supervision. Harmonized supervisory methods forged from the best approaches to supervision from 19 countries and efficient decision-making. By the way, let us welcome the Daniel successor, Andrea Ria. Welcome, Andrea. The ECB is now well-positioned to meet the challenges ahead. Be it preparing for the post-Brexit world, further reducing the stock of NPLs, this we do know, or ensuring the adequacy of banks' internal models. Daniel, for all these achievements, for your dedication and commitment, we owe you our eternal gratitude and respect. European banking supervision is your legacy. I wish you all the best for your future endeavors. Au revoir, Daniel, and merci beaucoup.