 Good morning to everyone. It's a pleasure to be here today and open the conference to mark the end of the tenure of Ignatio and Angeloni as member of the ECB supervisory board. When I joined ECB in June 2018, one of my first meetings was with Ignatio. As the board members responsible for my confidential policy from the banking supervision and central banking sites of the ECB, Ignatio and I naturally had regular interaction and work to carry out jointly. At this firm meeting, I immediately appreciated Ignatio's values. These qualities will be sincerely missed in further developing the field of my confidential policy. My confidential policy requires open discussions and often hard decisions. One of our tasks has been to prepare the meetings of the Maccabodigio forum. The Maccabodigio forum met for the 18th time this week and has counted on Ignatio from the very start. On Wednesday, as you know, we agreed to enhance the governance of the forum to render it more operational and facilitate discussions led by Ignatio's strategic suggestions and vision. But let me take a step back to the times when Ignatio was the coordinator of the ECB's preparation for the single supervisory mechanism and chair of the SSM task force on supervision. This was from 2012 to 2014 when he was simultaneously director general for financial stability at the ECB. In itself, a full-time job. Following the decision to establish the Banking Union in 2012, the SSM regulation was adopted roughly one year later in November 2013. I can tell you that these were not easy discussions as I took part in this process from the side of the EU council. Janice was also there. But it was probably the fastest adopted regulation in the history of the EU and imaginable a few years back. It attributed direct supervisory powers to the ECB as well as macroprudential powers jointly shared with national authorities. The latter consisted on a power to apply more stringent measures to address systemic and macroprudential risks what we call the power to top up macroprudential measures at the national level. As a believer on the need to combine both micro and macroprudential perspectives in analysis and decisions and being an efficient and eloquent negotiator it will defer to say that the ECB owes its macroprudential policy competence to Ignacio. With the regulation in place and the preparations for the operational start of the SSM in November 2014 were carried out by four work streams under Ignacio leadership. All done in record time. This was a very ambitious project. With his well-known critical and analytical mind Ignacio was greatly involved in the comprehensive assessment. The financial health check of the banks the ECB could supervise directly conducted in 2014. Planning the design of the single supervisor required the combination of the expertise of national supervisory authorities with the European vision and values of the ECB to eventually build a common supervisory culture based on common standards. A decentralized system with a strong center. But taking further steps back it is clear that pioneering was not a prime for Ignacio. With a strong academic and research background interested on the monetary and financial sector area Ignacio was a founding father of the ECB research function from the very start in 1998. Early in his career Ignacio was at the International Monetary Fund and in the research department at the Bank of Italy as director of the monetary and financial sector. He returned to Italy for a few years as director for international financial relations at the Italian Treasury before returning to the ECB in 2008. The title of this colloquium today demonstrates well the richness of Ignacio's path the breadth of his interests and the passion and depth with which he carries out his responsibilities. The value added of combining views is probably the great lesson from Ignacio that we all of us celebrate today. Indeed to establish bridges and a close cooperation between ECB Bank and Supervision an ECB central banking has been his modus vivendi and modus operandi. Since 2014 a CCB representative in the supervisory board of the single supervisory mechanism. This has been achieved in various forms. Notably by means of joint work carried out by the directorate macro potential policy and financial stability and the directorate research to business areas that have been under Ignacio's leadership and the directorate general micro potential supervision. As you know, macro potential policy and research are the two business areas for my portfolio of responsibilities today. So I am well aware of Ignacio's contributions. This entails, for example, the monitoring of risks facing the banking sector from a macro and micro perspective assessment of bank resilience and overall risk assessment with a joint conduct of EU wide stress tests or combining the supervisory and macro perspective in impact assessments of supervisory policy and financial revolution. Collaboration and cooperation has been effective but can be for sure further enhanced. Macro potential stress tests, for instance, go beyond the static exercises where banks have a constant balance sheet by allowing banks to react to shocks, for example, by the deliberation rendering the exercise more realistic. Realism comes also from the fact that second-round effects of banks' behavior are considered. Great contraction can in turn have an impact on GDP and other variables thereby further deteriorating the severity of the scenario. Ignacio has forced sort work on macro potential instruments such as the counter cyclical capital buffer and the development of analytical tools to support their design and calibration. This has been essential in supporting our assessments of national authorities notifications of macro potential measures introduced in their constituencies, to which the governing council has the right to object and may decide for tighter requirements. Joint analytical work has also taken off between micro supervision and the research department. Fully respecting the principle of separation between banking supervision and monetary policy, analytical work is underway in assessing the extent to which supervisory data enhances the quality of analysis in the monetary policy area. Ignacio's versatility continues to demonstrate impurely supervisory demands. As an ECB member of the supervisory board, Ignacio has also led important work on proposing solutions for the national options and discussions that fall under the discretion of the national supervisors. This work has been of great significance to the single supervisory mechanism because harmonized banking supervision requires a harmonized approach. From a personal standpoint, if you allow me, I want to say that Ignacio has always been a cooperative, constructive and open-minded colleague. So Ignacio, I am looking forward to working with you again and I am totally sure that our ways will cross very, very, very soon again. Thank you very much.