 Welcome to this year's ECB Money Markets Conference. This is the ECB's flagship conference on the areas of money markets, monetary policy implementation, and central bank operational frameworks. The conference is co-organized by the ECB's market operations, monetary policy, and research directors. And my thanks go to the colleagues in these three departments for pulling off what promises to be another great event. Before I invite our Executive Board Member Philipp Laine, who I just see joining us, offer his opening remarks a few thoughts simply together as going and some housekeeping rules. There was a time that market operations at most central banks was rather boring. Open market operations consisted mainly of liquidity-providing operations to steer short-term rates. And even a few basis points deviations from targets would be reason for the daily excitement. Times have changed since central banks embarked on unconventional monetary policy, first confronted with the global financial crisis and later with the lower bound on interest rates. At the ECB, market operations have therefore also been expanded and now consist of a broad range of non-standard monetary policy measures. These include on the one hand various forms of longer-term refinancing operations, LTROs that provide financing to credit institutions at attractive conditions, and on the other hand outright asset purchases, APP, including purchases of government bonds, securities issued by European super nationals, covered bonds, corporate bonds, and asset-backed securities. These asset purchases ease broader financial conditions, thus contributing to growth and inflation. With these changes, market operations has taken center stage inside central banks and research on the topic has become mainstream. The changing landscape of central bank market operations has led to a plethora of important research questions such as should liquidity operations follow a floor or a corridor system? What is the optimal collateral framework to manage the risks from asset purchases? How should non-standard measures be implemented to ensure an efficient and effective transmission of monetary policy? Should non-banks gain access to central bank liquidity? And what market distortions, if any, are created by central bank interventions? Looking ahead, the potential introduction of central bank digital currencies may have a significant bearing on the evolution of money markets and monetary policy implementation frameworks. All of these topics will be covered in the coming two days. A few words on the rules of engagement. Presenters have 30 minutes, discussants 10 minutes, followed by Q&A for a total of five minutes. You can direct your questions to all panelists via the chat function as displayed on the screen that you should be able to see. The chair will then collect and pose the questions to the presenters. Should you nevertheless experience any technical difficulties, then please let Britta Bertram know. And with that, I look forward to an engaging and exciting two days, and now hand over to Philip. Philip, the floor is yours.