 In the early years of the euro, we lived under the illusion that we had established a full-fledged monetary union. There can, however, only be a single money if there is a single banking system. The amount of progress made in such a short period of time is definitely impressive. And I believe we have taken a giant leap towards ensuring consistent supervision in the euro area. I am very pleased to be here to wish Daniela and her team a happy birthday and to congratulate them on all the work that they've done in getting Europe's single supervisor off the ground in record time. So much so that it's easy to forget that it was only a year ago that they took over their responsibility and the supervision of some 6,000 banks. And I think that the transition of supervisory tasks from the national authorities has been remarkably smooth. And today the SSM feels so much part of the furniture that it is impossible now to imagine life without it. I have collected a large number of important points and I want to mention them telegraphically because I don't think they should be lost before reaching out to the speakers and to the audience. Institutional complexity and legal complexity. This is a daily problem as we move on and we apply the rules to concrete cases to have a reliable, transparent, easy-to-administer framework in particular to distinguish the national legal responsibilities and prerogatives from the European ones. We have some overarching rules when there is a clear conflict European law prevails and we have the transposition laws that we have to apply but in a number of concrete cases we need a better roadmap to understand where and how one prevails, the other prevails or the two interact. I'd like to ask a last round of questions to everybody and I will start the sentence and I would like you to end the sentence. So... It depends on what you say. So we start with Anna. If I could make one change at the SSM, I would. That is a very loaded question. That's why I chose it. Yes. But I'd say not just one, no, no. Is there one thing that you really would like to change? No, I mean, I think the one thing that would be... And then they've done this already so I think it's yes but no. I mean, I think is that we continue to get clarity. I think Europe has been slower than the US and the UK and other markets in implementing the changes post-crisis. So it's not the SSM itself. It's been incredibly fast, actually, if we think as we're hearing this morning they've done an amazing job in a very short time period but the issue is that we're coming from behind. And I do think a level playing field is critical and I refer not just between banks and non-banks but between regions. And I think that we are at the level of the US and we are playing all according to the same rules as soon as possible is very important. So I think... You end the sentence. Thank you. Larry Brainard. In December, the Federal Reserve will... Okay, that was difficult. To which I'll constance you. If I have to choose between price stability and financial stability, I'd choose... Well, as ECB we have no choice but to choose price stability, of course. It's our mandate. It's our primary mandate. It's very clear. We have a hierarchical mandate and it's very clear. Martin Helbig. The next big financial crisis will be caused by... Undercapitalization of banks. When global interest rates go up, financial markets will go up. That was good. Banking regulation and supervision and there are few exceptions in this room by and large haven't attracted attention before the 2008 crisis in our profession, unfortunately. It should be science-based and if economists don't do their job, it's going to be hard to make it science-based. And conversely, economists must learn from practitioners and they must invest more in empirical work. It has been a fair amount lately on calibrating capital adequacy ratio and equity coverage ratio, but we need to make more progress. We need to make more progress in our conceptual framework. And I think this form will be a very important step. We should recognize that banks are utilities. You have to keep the big ones going because they provide a utility service to society as a whole. Now that undoubtedly means that because you've got to keep the thing going that you have to supervise them fairly very strongly. And I very much in favor of your and Annette's argument that as utilities they need to have a great deal more equity capital. It's a day of celebration for us today but I think nevertheless we should step back with this, you know, one year celebration and look on the major challenges we have in the SSM. I joined those, calling for an end to the development phase, going, turning to an implementation phase of the regulatory reform. And in this context it will be key that we do not only implement the new rules and standards diligently, it will be even more important to actually use the newly acquired supervisory instruments in a consistent and in a risk-orientated manner.