 So that brings us to the end of our program, and to conclude the conference, I give the floor to the head of the ESRB secretariat, Francesco Mazzaffero, for some closing remarks. Mr. Mazzaffero, the floor is yours. 2022 has been a challenging year for the SRB and its secretariat. Let us revisit together and chronological term the most important moments. Starting in January, the exposure of money market funds to recurrent sudden outflows has been the object of the second recommendation of the SRB on this market segment since its inception 11 years ago. The SRB has thereby solicited immediate action by the EU legislator, also offering a European interpretation of the broad indications by international bodies. Money market funds are, at least in theory, among the possible winners of a normalization of monetary policy. Typically, when interest rates are rising, these funds may offer higher yields, compete with bank deposits, and therefore receive important inflows. Therefore, from an economic point of view, we are in a favorable environment for a correction of the current regulatory weaknesses. Times has come to solve long-recognized issues. There is a risk, however, that this opportunity is lost. Waiting might imply that the European Commission would intervene in more tense market conditions, and possibly after new fragilities have materialized. In line with the SRB recommendation, we call for a regulatory reform during this parliamentary tenure. Still in January, the SRB has also issued the first recommendation on the creation of a systemic cyber incident coordination framework. We know that severe macroprudential incidents may potentially escalate and trigger systemic risk. The three European supervisory authorities will be the key operators of the new framework, as defined by article 49 of the Digital Operations Resilience Act, also known as DAWRA, was entering into force as being wisely accelerated by the EU legislator. Implementation work of our recommendations to enhance situational awareness and ensure a proper interaction between all institutions has already started at a technical level. Furthermore, we have announced today further advances on the definition of tailor-made analytical tools to understand the macroprudential implication of cyber risk. In February, we have completed a new phase of our constant examination of vulnerabilities in the residential real estate, issuing warnings to Bulgaria, Croatia, Hungary, Liechtenstein and Slovakia, and recommendations to Austria and Germany. Since 2016, 17 of the 30 SRB member states encompassing the 27 EU countries and the three additional members of the European Economic Area have been object of a warning or a recommendation of the SRB in the area of residential real estate. Today, we have announced that analytical policy work has continued over the year around commercial real estate, which is a volatile segment particularly exposed to economic and financial cycles. We think we have created awareness about the need to increase the resilience in the European real estate markets. We are conscious to have soft, low powers only. Our recommendations and warnings have, however, a signaling effect. In the course of the year, we have seen price movements in real estate markets which are not anymore aligned with the continuous and possibly not sustainable ascending profile of the last years. Our attention to new market developments will continue to be high in 2023. February has been for all of us a turning point after the unjustified attack of Russia to the Ukraine. It has marked an immediate deterioration in overall economic expectations. The aggravation of geopolitical tensions has made global trade more difficult and costly. The impact on energy prices has been particularly drastic. The EU economy has been hit by a terms of trade shock like it had not happened since the 70s. While the EU financial sector has proved to be resilient, we have progressively monitored since spring an aggravation of all vulnerabilities. We have also seen them more and more mutually interconnected also due to worrisome concerns on liquidity in some market segments. This happened globally but also within the European Union. Understanding the nature of liquidity problems in markets and their implications for individual players will be a priority for next year. President Christine Lagarde has already explained, opening today's annual conference, the reason which have led the SRB to issue its first general warning on 22 September. For all of us at the Secretariat, this has been the work of a full and intense summer. The key message of the warnings are the risk of materialization of tail scenarios has become higher. Therefore, authorities need to preserve and when needed, enhance market resilience. And to this end, they must remain well-tuned and coordinated. Understanding the economic and financial cycle in current conditions and therefore the room for active use of macro-pudential tools, we remain the focus of our work next year. Tensions in energy derivative markets in late summer have compelled several EU member states and also states outside the EU to intervene with guarantees and credit lines. The SRB has been following closely event also providing to other institutions a set of granular information based on the real-time reporting of trade repositories. We observed that immediately after the deterioration of security conditions, non-financial corporations in the energy sector have been exposed to sizable increase in margin costs. In the first phase, this has been counteracted via increasing leverage with larger and larger margin costs being financed by a concentrated number of lenders. After their risk appetite has come to its limits, energy derivative markets have been exposed to the risk of a market squeeze. We saw that excessive leverage also caused an important accident in nickel derivative markets in the city in March this year. Once again, the sudden reappraisal of risk-on and risk-off factors continues to amplify the volatility of underlying markets. Potentially impacting on highly significant benchmark prices for the economy. Therefore, we need to improve our understanding of how the clearing ecosystem going beyond the CCPs and then compassing clearing banks and their clients is reducing or amplify risk for the economy. Another factor of volatility during 2022 have been crypto assets and their financial infrastructure. Already in June this year, the ESRB chair has stressed in front of parliament the need to reinforce the legal framework. The European Union has made the first big step with the forthcoming markets in crypto assets regulation, also known as MICA, which is expected to come into force by end 2024. However, also the scope of this important piece of regulation does not cover all issues as it focuses on the so-called stable coins and the provision of services. Other cyber assets, think of bitcoins for instance, continue to be outside a regulated legal framework. The recent events around the FTX cryptocurrency exchange reinforced the message that the European Union should need start working soon at MICA too. The events in this turbulent 2022 have confirmed in our view the need for a strong macro-pudential policy. New macro-pudential tools would create sufficient space for policy action. We would also need them to mitigate the defy of a hybrid risk, systemic exposures of the financial sector to climate change, cyber risk and crypto. The ESRB has therefore finalized earlier this year a concept note on how we would like macro-pudential policy to be shaped in the next 10 years. More forward-looking, proactive and counter-cyclical. We stress the need to ensure more releasable and effectively usable capital buffers. At the same time, the existing EU macro-pudential toolkit must be supplemented with borrower-based measures. Looking forward, we also need to entrench activity-based regulations in the key communitaire. Similar requirements must be applied to all entities carrying out the same type of financial activity. This would help to avoid regulatory arbitrage and the transfer of risk to other parts of the system. At this stage, it is not clear whether the review of macro-pudential policy will be activated by the Commission in the next month. So here, like with money market funds, it is important to keep pace with history. Altogether, 2022 has been a year of extraordinary activity for the ESRB secretariat. This would have not been possible without the dedication of my deputy Thomas Peltonen and the advisory team, Emily Bow, Olaf Weckern and Andreas Vesvel. I am naming them also to express my recognition and gratitude to the entire team of 40 dedicated staff, which remains the humble but effective engine of the ESRB. Also, a big thank you is due to all members' institutions. Working together has continued to be the secret of our mutual success. Certainly, we have been all under pressure. I am sure we will also be able to remain focused and productive in 2023. The constant support of the Chair has provided us with the energy to continue looking forward with perseverance, despite all limitations in resources. A particular tribute goes today to Stefan Ingves, who, unfortunately, was not with us, the long-time Vice-Chair of the ESRB and the Earlier Chair of the Advisory Technical Committee. Many thanks for your multi-year commitment to this young institution. Finally, I would like to thank all colleagues involved in organizing this insightful event today. In particular, Shirley Simmons-Nokka, Stefan Zeitz, Anya Sinc, Justina First, Antonio Sanchez-Sarano and Thomas Peltonen. And herewith, I would like to declare this annual conference as closed. Thank you very much.