 Dear Chancellor Merkel, Dear President Macron, Dear President Matarella, Dear President-Elect of the EU Commission, Dear incoming ECB President Madame Lagarde, Dear President Draghi, Dear members of the governing and general council, Dear guests, Dear colleagues. It is my pleasure to welcome you to the European Central Bank. Today, we are bidding farewell to Mario Draghi at the end of his eight-year term as President of the European Central Bank. The video we have just seen reminds us of some key moments in the 20-year history of the Euro and the European Central Bank. This history has been shaped with you, and your attendance bears testimony to this. We look forward to hearing more about some of these key moments from our distinguished speakers. But first, let me introduce the musical performance for the afternoon, the Aeris Quartet. Since their foundation ten years ago, these four remarkably gifted young musicians have played at numerous internationally renowned events and received exceptional professional awards. Today, they will bring us some of Europe's musical history and diversity, starting with Verdi's String Quartet in E minor. Please join me in welcoming the Aeris Quartet. Ladies and gentlemen, I now have the honor of introducing our first speakers. Angela Merkel, Chancellor of the Federal Republic of Germany, Emmanuel Macron, President of the French Republic, and Sergio Matarella, President of the Italian Republic. Chancellor Merkel might invite you on stage. President Macron, and the Sergio Matarella, Madam President Designator and Elect, and now of the European Commission, Ms. von der Leyen, Minister President of the Federal Land of Hesse, Excellencies, Madam Lagarde, and of course, Maria Draghi, and also I address my warm words to the family of Mr. Draghi. The links between your hometown of Rome and Frankfurt are obvious, I think, to all. The Limes is only a few kilometers away from here. The traces of Roman life are to be found everywhere here in this region, and even the Rathaus City Hall, the Frankfurter Römer, and also the Römerberg of Roman Hill in the heart of the old city, well, a close, eloquent testimony to the close cultural and intellectual bonds with the eternal city, and basically you, dear Mario, continue in the well-established tradition of the Romans who leave traces here wherever they've been. For this indeed is what you have done during your tenure, these eight years as President of the ECB, not only here, but in the whole of Europe, and you have guided the ECB indeed through turbulent times in which the weaknesses, but not only the weaknesses of the immune-werelaid bear. I remember very well how we met in Frankfurt eight years ago, shortly before you assumed office, we met here in Frankfurt, and immediately after the inaugural celebrations, the first joint crisis meeting was scheduled, and many more were to follow. These were not easy times, and the markets at the time were actually betting on the collapse of the Eurozone. Today, eight years later, we are far away from this. The trust of the market players in the Euro and the Euro area has long since returned. Our monetary area, our currency area is still not without problems, but it has become much, much stronger than before the European sovereign debt crisis. Under your leadership, the ECB has given an important and indeed crucial contribution to stability of the Euro area as one of the instruments in the overall orchestra of the Euro area, and also as an independent institution. This cannot only be measured in figures and data, but also in the fact that so many of our citizens in the member states approve of the Euro and indeed support it. And during your tenure, the ECB has given a crucial contribution to stability of the Euro area. You've been able to do that first because you are an independent institution and because of this independence of the central bank, you have been able to fulfill this job and you are actually in line with a long and tried and true tradition, a tradition we have here also in the Bundestag. Sometimes independence is always also in a way a protection when you're not in agreement with what policy makers pursue. But this independence is also an essential pre-exit for a central bank to fulfill its prime objective, namely ensuring price stability. And as a guarantor for price stability, that indeed is the only thing that will be ensuring the acceptance of the citizens. We have to be able to defend this independence also and in particular any economic, economically difficult times. You, dear Mario Draghi, have never allowed for any doubt regarding the independence of the European central bank. You said, for example, in our quote, we are not forced by anybody. We are independent and make our own judgment. And that's it, end of quote. Secondly, during your tenure, the ECB has made significant strides in further developing EMU. On the one hand, because you and your colleagues have stood up resolutely for the euro on the international stage. I remind all of us of the July 2012, within our mandate, the European central bank is ready to do whatever it takes to the euro. And this is probably one of the most significant sentences we will remember from your term in office. As usual in Germany, the Federal Constitutional Court has immediately sort of seized the matter and looked at this sentence and also evaluated your analysis of the situation and the consequences of it and actually decided that it was in agreement with it. So the European sovereign debt crisis made completely new demands on all of us. The banking union was such an answer that was needed. Never again should individual banks drag down whole member states. And thanks to the ECB, we were able to implement the first steps on building up the banking union very quickly. At the time, we decided to install the oversight mechanism for systemically important bank at the ECB. And that immediately shows also the trust that we place in the ECB as a capable institution for the whole of the union. And further steps will have to follow for building up and enhancing the banking union. We need also a couple of market union in Europe. And you've constantly warned us of the necessity of that. But the ECB has also always said where there are the limits of its possibilities and its mandate. For monetary policy may achieve quite a lot, not everything. And the ECB cannot relieve governments of their responsibility to do their homework and strengthen competitiveness of the individual countries. And this is why you, time and again in the European Council, enjoined member states to live up to their responsibilities. This is particularly true in economically good times. They have to be used for structural reform so that we do not always, as regards our fiscal and economic policy, in crisis mode. But that we act preemptively and strengthen foundations for future growth. Thirdly, a prime objective of the ECB wars and continues to be a stable euro, thanks to the banking union, to the European mechanism, a rescue mechanism, ESM, and the strengthening of the stability pact. The euro rests on a far more solid foundation than only eight years ago. But there is also room for further improvement. We have to go one step further with this new EU budget instrument for competitiveness and convergence and the strengthening of the ESM, particularly convergence, is of crucial importance for the eurozone because we have to see and acknowledge that over the past few years, we have not been able to achieve convergence to the necessary extent. And with the creation of this new budget instrument on the basis of the most recent Franco-German proposals, we adopted the central cornerstones to make this happen. And we hope that we shall be able to adopt this in December once we have also the financial perspective. And Madam President-Elect, we will have to work on this. And the Commission will have to work on this. And we have all of this on solid ground. And ladies and gentlemen, we have to acknowledge that the euro is far more than a mere currency generally fulfilling the functions one generally associates with the currency. The euro is maybe even more than the Schengen agreement at any rate on par with Schengen as central symbol of the irreversibility of the European integration process. And this is why Germany and the city of Frankfurt are so proud to be home to the European central bank. The rise of Frankfurt as one of the most important financial centers of Europe, obviously there are also competitors, but it is nowhere exemplified more clearly than in this impressive building in which we are gathered here today. It is visible from afar yet integrated in the Frankfurt skyline and shows very clearly that the ECB is part and parcel of this city. And for the first time that the ECB was established, there will be a female president very shortly at the helm of this institution. And let me say, dear Christine Lagarde, I am delighted that such an admin and personality is taking over from Mario Draghi. You will shoulder in your capacity as president responsible task and this in exciting times. And I wish you a steady hand at the helm of this institution and every success. And you, dear Mario, well, it may well serve perhaps as a consolation in leaving office that you leave the leadership of the ECB in such capable hands. I would like to thank you most warmly for your passionate commitment to your office. And you have ensured the institution, the independence of this institution of the ECB, filled it with life, strengthened the monetary union. In so doing, you have given outstanding service to Europe. You have never shirked away from controversy. And you have ensured also the stability of this currency of the euro area. And these are truly large footsteps that you leave behind and that are also important for the city of Frankfurt. Thank you very much and all the best to you personally. President of the European Central Bank, dear Mario Draghi, President of the Republic, Madam Chancellor, dear Angela, Madam President-Elect of the European Commission, Madam President-Designate of the European Central Bank, dear Christine, ladies and gentlemen commissioners and ministers and governors, ladies and gentlemen, dear friends. If there are so many of us around you in Frankfurt today, dear Mario, it is not only to hail a well-conducted mandate as President of the European Central Bank. What brings us together today goes well beyond monetary policy. I will leave to others who are better qualified than I am the task of analyzing and of extending the immense legacy you leave in that regard. What we are celebrating above all today is the record of a man who held the European dream very high and who held it in this institution which demonstrated during the financial crisis, and I am speaking here in front of your predecessor and in front of your successor, its solidity and its robustness. A man who has been through his speeches and decisions worthy heir of the founding fathers of Europe, this affiliation, dear Mario, places you in the footsteps of Jean Monnet, of Robert Schumann, of Conrad Adenauer, and your illustrious countryman, Alcy de Gasbury and Altiero Spinelli. In Milan a few weeks ago, you delivered one of those speeches that punctuated your mandate and which are now written in the stones which are building Europe. As the students of the Catholic University were honoring you with an award, you mentioned three qualities that make a good policymaker, knowledge, courage, and humility. Dear Mario, you honor and you've embodied those qualities here. You acquired and conquered knowledge through exceptional academic education and professional experience. You enhanced it constantly through exchanges with the most brilliant economic minds and you transmitted it through your teachings and conferences. That expertise, acknowledged by all, was decisive to establish your intellectual authority among your peers, the market observers, as they called, and where beyond. Courage and even boldness are what you often required over the last eight years, thrown into the Euro-area sovereign debt crisis as soon as you took office. You led an action supported by the ECB teams that many of whom are here today to show their regard that was decisive to save Europe from sinking. History will, of course, remember, and Madam Chancellor was also mentioning this sentence a few minutes ago. We'll remember the 26th of July, 2012, where you asserted the ECB's determination to do anything in its power to save the Euro, whatever it takes, three words, three words that decreed with as much strength as simplicity the irreversibility of the Euro in the face of markets believed to be uncontrollable. Then, throughout your tenure, you took no less daring decisions to stimulate credit growth or to prevent the deflation risk in the Euro area. Your courage is also measured with the vast European ambition that you never ceased to foster against opposing wins and voices of retreat, faced with the insufficiencies of the Monetary and Economic Union, you called for the implementation of a true banking union and the establishment of a budgetary capacity in the Euro zone that would be significant enough with the stabilization function. And Madam Chancellor, I first of all congratulate ourselves for the French-German agreement that was found and that we carried on later on in Europe that we'll have to continue through the coming turbulent times, though through those instruments, this strategy is as indispensable as ever. That courage, dear Mario, meant that you were criticized sometimes and that made it even more indispensable. Recently, with the unanimous support of the governing council of the European Central Bank, you called for fiscal policies to fully play their roles in view of the current weakening economic outlook, saying that governments with fiscal space should act in a resolute, effective, and timely manner. And we can only welcome the courage of the political leader who, within his mandate, managed to overcome political dogmas. It's up to us now, heads of state and government, to carry forward this famous whatever it takes, to match your courage and your foresight, we must be the guardians of what is your legacy, the certainty of the durability of the Euro and the need to consolidate it, to turn it into strength for all of our Europe. As for the humility which distinguishes you, it is not alien, I believe, to the Jesuit education you received, drawn from your constant self-critical reflection. This humility led you to constantly recognize the precedence of policy to protect your institution. You have always been careful to keep your decisions strictly within your mandate. Let's not forget that the famous whatever it takes was preceded by within our mandate. It is also this humility and the ethics that were apparent where you had to account for your actions in front of national and European parliamentarians. Finally, DiMario, allow me to add to those rare qualities a fourth quality, which I believe does characterize you even more than the previous three, humanity. In the world of finance and of central banks that may seem distant and cold, this quality maybe sometimes was less perceptible. However, infused with this European humanism, which like you was born in Italy, you were always aware of what was most important beyond words and figures, people's lives. They were always your compass, and you did not get lost in the way. You acted for them, for all, for what we call in my country, meaningfully, public interest. This European humanism places you resolutely in the lineage of the great founding fathers and the great minds. This is why, as I was saying, it is more than a successful mandate as leader of the institution that you are leaving behind today, what you are passing on to us, DiMario, is the torch of European humanism. By saving the euro, you ensured and fortified the protection of Europe and of its peoples. From now on, this way that you trace, this humanism, which during eight years was seen through your concrete actions, are up to us. And I know that the president-designate Christine Lagarde will take over in a few days. And she knows the place and the importance of this legacy. And I also know the importance that she attaches to independence and to the responsibility that is linked to this. And I know that she will make sure that she can also leave her mark in this institution. To answer people's expectations in a fractured and turbulent world, you led the fight. This fight, you led it throughout your career. So as you are about to take your leave, DiMario, we are here to promise to you that there will be many of us to continue your commitment. And we will try to be worthy of it. I know that this institution that you chaired for eight years will be worthy of it, because it showed its solidity for all those years. And it showed the strength of institutions when Europe is brave enough to create those institutions and to bring forward the European spirit. We owe it to you as we owe it to Europeans. And I also know that you will still be a part of it beyond a well-deserved rest, because this humanism lives in you wherever you are, whatever you do, you will be keeping it alive in Europe, for Europe. Thank you. We all thank you. Signor President Macron. President Macron, Madam Chancellor, incoming President of the European Commission, incoming President of the European Central Bank. Ladies and gentlemen, I'm extremely pleased to be here today to express my gratitude to President Mario Draghi for his extraordinary commitment to serve Europe. I also wish to convey my best wishes to the incoming President, Christine Lagarde, for her new appointment and express my full trust in her. Today's ceremony is also an opportunity for us to reflect. Indeed, 20 years have gone by since the establishment of the European Central Bank, and we can definitely say that it's been a positive experience. Mario Draghi took the baton from Jean-Claude Trichet at a time of great change after the first 10 years of monetary union characterized by relatively stable economic conditions, with a moderate and constant growth, which the bank fostered and supported. During its first decade of life, the institution built its credibility on the goal of curbing inflation, making sure that it remained within 2% in accordance with the objective it had set out. In 2011, however, the impact of the financial crisis imposed a change of pace upon the union and especially the bank. The challenge had readily become an existential one, overcoming the perception or even the risk that the euro system might be on the brink of dissolution. Today, we may consider that possibility and risk has been behind us. Indeed, the bank was able to respond to the sovereign debt crisis, which had an impact on banks and businesses with some widely debated innovative instruments. And it refused to play the role of an entity that was rigidly bound by predefined mechanism, regardless of the situation. Instead, it adopted a smart and responsive approach and never resigned itself passively to dealing with the consequences of any given situation, while always respecting rigorously the mandate entrusted to it. Indeed, it never ceased to be aware of the limits of monetary policy, while at the same time, it heeded the pressing request to operate through other levers like fiscal policy and structural reforms. Because as often stressed by the president of the bank, we can't place too great an onus upon monetary policy. Once the darkest phase was over, the union had to secure the European economy, especially it had to support the European economy's final recovering by sustaining growth and employment levels. And there were many significant responses, and it was recognized that all the institutions that the union had to do their part. The overall architecture of the single currency became more robust. Common national budget rules were strengthened. The European stability mechanism was created, and the banking system was overhauled with a consequent introduction of a single supervisory mechanism. Now, the single resolution mechanism, in case of bank failures, was established, along with the European system to protect bank deposits, although a European deposit insurance came easier to be completed. Over the past eight years, Mario Draghi authoritatively served a more solid and inclusive Europe. He perceived the defense of the single currency as a battle to be fought with a determination against the forces that wanted to see a crumble. With great courage, a courage that was rational, because it was always supported by analyses produced by the institution itself and the council in its collegiality, in a context which by its very nature is characterized by uncertain individual and market conditions, a courage that enabled him to listen to dissenting and critical opinions but also appreciate the contribution of those who challenged the consolidated visions. Today, I think we can say that the European economic system is sounder. Employment levels have risen and are higher on average than in 1999. The European banking system is more compact. There is a higher degree of integration, a greater convergence. But especially, and this is one of the greatest achievements of the past few years, popular support for the euro has gone back to being especially high. Today, I think we're also given the opportunity to look at what still needs to be done in this vast continent of ours, especially in order to strengthen the euro zone. We must not forget that competition with the world's great economic areas has become truly fierce. And more than ever, size has become a crucial element to be able to influence the course of events in order to protect our societies and citizens. In the current context, completing the European project is an existential need if the union intends to truly become a global actor. On February the 22nd, the University of Bologna awarded Mario Draghi an honoris causa degree. And I'd like to repeat some of the words of his Lectio Magistralis. In today's world, interconnections, technological, financial, and commercial are so powerful that only the largest states are able to be independent and sovereign at the same time, and not even completely. And then he added, the European Union is the one institutional construction that in many areas has allowed its member states to be sovereign. It is a shared sovereignty preferable to a non-existent one. I'd like to borrow those words from him because I believe that the protection of European country sovereignty lies with the European Union. The quantity and quality of the steps and measures required to face a new international scenario call for a further and responsible change of pace, which must also involve the European Parliament for it is the expression of the European people. We must all have courage. I don't think it must have been easy for President Draghi and the thick of the crisis to say whatever it takes, whatever it takes, as long as it takes for the good of Europe and of future generations. That is what we must all absolutely do. Dear Mario, Professor Draghi, as a European citizen, I wish to say thank you. Thank you very much, Excellencies, for sharing your remarks. The Aries Quartet will now continue its tour through Europe's musical landscape, performing one of the most popular pieces of chamber music, the String Quartet in F Major by Antonin Voschak. Thereafter, Christine Lagarde, incoming president of the ECB, will take the floor followed by President Draghi. This will be followed by the traditional handover of our governing council bell. And the Aries Quartet will then close the ceremony with a European anthem owed to joy. Mr. Merkel, Mr. President of the Republic, Mr. President of the Italian Republic, Mrs. President of the Commission. President of the Commission, President, ladies and gentlemen, or lady and gentlemen, dear governors, dear ministers and commissioners, present, past and possible future. Senor Presidente Draghi, Senora Draghi. It is customary in the last few years 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. Chedevi 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 continue to advocate for the completion of the reforms that 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're 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. Two 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 globalized 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 well-being 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 recognize 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. Well, first of all, let me say thank you, Christine, for your extremely kind, it's an understatement for your extremely kind words. Leaving the ECB has made all the easiest Chancellor said by the knowledge that its presidency is in your capable hands. And to President Macron, President Mattarella and Chancellor Merkel, I'm truly humbled to receive such a tribute from leaders who themselves, for first of all, I'm truly humbled to have you here, but also to receive such a tribute from leaders who themselves have done so much to advance the cause of European integration and whose courage, resolve, and integrity at critical moments has allowed Europe to navigate safely through the turmoil of the past decade. This year marks two decades of monetary union, which is by any measure, a momentous anniversary. Not so long ago, the euro area economy was scarred by a level of unemployment, probably unseen since the Great Depression, and fundamental questions were asked about whether the euro would survive. Today, as Christine just recalled, 11, and probably more by now, 11 million more people are in work. Public trust in the euro's reason to its highest level ever. Across the euro area, policymakers are reaffirming that the euro is irreversible. But I see today more as an occasion to reflect than to celebrate. The euro is an eminently political project, a fundamental step towards the goal of greater political integration. A project which found its economic justification in the powerless state of European economies in the mid-1980s. Unemployment had risen from 2.6% in 1973 in 1973 to 9.2% in 1985, and growth had slowed significantly in the 12 countries that would go on to form the euro area. What the visionary leaders of that era saw, however, was that Europe had a powerful tool at its disposal to raise growth, to transform its common market into a single market. Removing existing barriers to trade and investment could reverse the decline in economic potential and bring more people back in work. Yet the single market was always more than just this. It also aimed to protect people from some of the costs of the changes that would inevitably arise. Unlike the wider process of globalization, it allowed Europe to impose its values on economic integration, to build a market that, to the extent possible, was free and just. Common rules would create trust between countries, give the weak recourse against the strong and provide safeguard for workers. The single market, in this sense, was a bold attempt at managed globalization. It combined competition with levels of consumer and social protection unseen in the rest of the world. But there was one type of unfair practice that a single market could not prohibit, competitive devaluations. That prospect would undermine the mutual trust that was critical for the single market to survive and, even more importantly, for the project of greater political integration to progress. Freely floating currencies were therefore not an option and fixed exchange rates would not work as capital became more mobile within Europe as the ERM crisis in 92, 93 proved. The answer was to create a single currency, one market with one money. This construct has been largely successful. Incomes across countries have materially increased. Integration and value chains have developed to an extent unimaginable 20 years ago and the single market has survived intact through the worst crisis since the 1930s. But the past 20 years have taught us a few lessons, two of which I wanna recall today, for a successful monetary union. The first concerns monetary policy. When the ECB was established, its dominant concern was to keep inflation down. The ECB was a new central bank with no track record, so its policy framework was expressly designed to build strong anti-inflationary credibility. It achieved this quickly and it is so to the tremendous credit of the ECB's early leaders that its first decade went so smoothly. But no one could have foreseen that the environment facing monetary policy globally was soon to abruptly reverse, that inflationary forces would turn into deflationary ones. In all advanced economies, this called for a new paradigm for central bankers, which comprised two elements, the determination to fight deflation as strongly as inflation, and flexibility in the choice of instruments to do so. In our case, the ECB has proven that we'll not accept threats to monetary stability caused by unfounded fears about the future of the euro. It has shown that it will fight risks to price stability on the downside as vigorously as those on the upside. And it has established that it will use all the tools within its mandate to secure its mandate without ever exceeding the limits of the law. The European Court of Justice has affirmed the legality of the measures we've taken, and it has confirmed the ECB's broad discretion in using all its instruments in a necessary and proportionate way to achieve its objective. The judgment, this judgment was crucial because at stake was the essence of the central bank that the ECB has become, and that most people in Europe want to see a modern central bank able to deploy all its instruments, commensurate with the challenges it faces, and a truly federal institution that acts in the interests of the whole euro area. The second lesson concerns the institutional construction of the Economic and Monetary Union. The euro area is built on the principle of monetary dominance, which require monetary policy to be single-minded in its focus on price stability and never to be subordinate to fiscal policy. Monetary dominance doesn't preclude, however, communicating with governments when it's clear that mutually agreed aligned policies would deliver a faster return to price stability. It means that alignment between policies where needed must serve the objective of monetary stability and should not work to the detriment of it. Today we are in a situation where low interest rates are not delivering the same degree of stimulus as in the past, because the rate of return on investment in the economy has fallen. Monetary policy can still achieve its objective, but it can do so faster and with fewer side effects, negative side effects, if fiscal policies are aligned with it. This is why, since 2014, the ECB has gradually placed more emphasis on the macroeconomic policy mix in the euro area. A more active fiscal policy in euro area would make it possible to adjust our policies more quickly and lead to higher interest rates eventually. In our Monetary Union, national policies play the main role in fiscal stabilization, much more so than state-level policies in the United States. But national policies cannot always guarantee the right fiscal stance for the euro area as a whole. Coordinating decentralized fiscal policies is inherently complex, and we've seen this on and on. And uncoordinated policies are not enough because the spillovers between countries from fiscal expansions are relatively low. This is why we need a euro area fiscal capacity of adequate size and design, large enough to stabilize the Monetary Union, but designed not to create excessive moral hazard. There will be no perfect solution. When risks are shared, moral hazard can never be reduced to zero. Though it can be greatly contained by proper design. At the same time, we should also recognize that sharing risks can help reduce risks. The building of a capital markets union, which would lead to greater risk sharing in this private sector, would considerably reduce the fraction of risks than need to be managed by the central fiscal capacity. So the more capital markets union, the less need for a central fiscal capacity. And for a central fiscal capacity would in turn reduce the risk for the whole union when national policies are unable to play that role. In other regions where fiscal policy has played a greater role since the crisis, we have seen that the recovery began sooner and the return to price stability has been faster. The U.S. had the deficit of 3.6% on average from 2009 to 2018, while the Euro area had a surplus of 0.5% over the same period of time. In other words, the U.S. has had both the capital markets union and the counter-cyclical fiscal policy. The Euro area had no capital markets union and a pro-cyclical fiscal policy. The road towards the fiscal capacity will most likely be a long one. History shows that budgets have rarely been created for the general purpose of stabilization, but rather to deliver specific goals in the public interest. In the United States, it was the need to overcome the Great Depression that led to the expansion of the federal budget in 19th and 1930s. Perhaps for Europe, it will require an urgent cause such as mitigating climate change to bring about such collective focus. Whichever path is taken, explain to see that now is the time for more Europe, not less. I mean this not in an axiomatic way, but in the truest tradition of federalism where results can best be delivered by national policies, let it stay that way. But where we can only deliver on the legitimate concerns of the public by working together, we need Europe to be stronger. For us Europeans, in a globalized world, it's just been recalled by the speakers who preceded me, I think believe all of them, a true sovereignty that meets people's needs for security and prosperity can be achieved only by working together. As Chancellor Merkel has said, we Europeans have to take our destiny into our own hands if we want to survive as a community. Working together allows us to protect our interests in the world economy, to resist the pressures of foreign powers, to influence global rules to reflect our standards and to enforce our values on global corporations. None of these can be achieved to the same degree by countries acting alone. In a globalized world, sharing sovereignty is a way to regain sovereignty. But recognizing what we need to exercise what President Macron has turned European sovereignty to be effective doesn't mean that we already have the political infrastructures to do so today. Awareness of their necessity is growing quickly, however. We saw this emerging in the most recent European Parliament elections, which was perhaps the first such election fought mainly on European questions. Even those who were seeking to slow down European integration did so by contesting the European Union institutions rather than rejecting their legitimacy outright. This is only a start, but it suggests our Union is moving in the right direction and I'm confident that it will continue to do so because it is ultimately the self-interest of individual countries that lays out our future path towards a European sovereign. The actions of many committed Europeans at both the national and EU levels have helped us to reach this point. There are three groups whose contributions I would like to single out today. The first is the staff of the ECB and of the National Central Banks. There were many occasions during the crisis when the ECB found itself in truly uncharted waters. We faced by any measure an incredibly complex economic situation, with new challenges appearing the moment old ones were resolved. Those years were intense for you and your families. But your dedication, the success of the measures you designed and the competence you displayed across the euro system in implementing those measures will make those years worth remembering. These policies are now available to all future policymakers to meet similar challenges. And this is a legacy of which all euro system staff can and should be proud. So let me express my gratitude for all your remarkable efforts which truly serve the ECB through this unprecedented time and in doing so, you serve the people of Europe. The second group I would like to highlight are my colleagues on the Executive Board and Governing Council, both past and present. You have enacted a series of measures of the past eight years in extraordinary circumstances. The bedrock of those decisions has been your consistent and unconditional commitment to our mandate. You've been unwavering in your determination both to deliver our mandate and to stay within its confines to never accept failure. You can look back with satisfaction on what you've achieved in extremely testing conditions and in the knowledge that you have improved the welfare of many people. What unites the Governing Council has always been and will always be much greater than anything that might divide it. We all share the same devotion to our mandate and the same passion for Europe. I trust that this shared conviction will continue to serve the ECB and Europe in the following in the years to come. And the third group that I wish to thank is Europe's leaders, it's you. We had to take measures that sometimes appeared controversial at first and whose benefits were only revealed slowly. Our determination never wavered as it was founded on the solid work of the staff, of our staff, was also nourished by the empathy for the people who were suffering and strengthened by the conviction that the policies would improve their situation. But in such times, and especially in a multi-country currency union, political leaders who transcended national perspectives when assessing our monetary policy and who acknowledged the Euro area perspective and explained it to their domestic audience provided an essential bulwark for our independence. I'm grateful that we had such leaders in Europe and for your steadfast support and encouragement all throughout the crisis. President Macron, President Mattarella, Chancellor Merkel, you have stood besides us unfailingly in the European Council and in global forums at the time when other major central banks have faced increasingly vocal political pressure. You have pushed back strongly against illiberal voices that would see us turn our back on European integration. And at critical moments, you've taken the steps needed to safeguard the Euro area, the Euro, and protect the heritage that was left to us, a united, peaceful and prosperous Europe. The time has come for me to hand over to Christine Lagarde, and of course, I've said it many times, so repeat it now, I have every confidence that you will be a superb leader of the ECB. My goal has always been to comply with the mandate enshrined by the treaty, pursued in total independence and carried out through an institution that has developed into a modern central bank capable of managing any challenge. And it has been a privilege and an honor to have the opportunity to do so. Thanks. Thank you.