 Well, ladies and gentlemen, good morning. It's a pleasure to welcome you here today to this joint ECB and European Commission Conference on Europe's Digital Integrated Market of Tomorrow. The conference title invites us to look to the future, to a European financial market, which is both integrated and digital. It is indeed fitting that these two elements are considered together. In a world of increasing digitalization, our overarching aim of promoting financial integration at the European level is necessarily set against a backdrop of ever more sophisticated technology and innovation. First, let me say a few words on financial integration, which is a focal point for two of our panels today. Promoting European financial integration is, besides the primary objective or price stability, a key objective of the euro system. It is essential for a wealth function in single currency. Indeed, you can see financial integration and the single currency as two sides of the same coin. One basic motivation for the single currency was to maximize the benefits of the single market for capital. Conversely, it was understood that integrated financial markets would be necessary for an effective single currency. And financial integration is not something we can take for granted. As we saw in the financial crisis, incomplete financial integration creates vulnerabilities and is liable to fragment. It is the quality of financial integration which is key. With the banking union, we are laying the foundations for a more complete financial integration in the future. But to be fully comprehensive, a single financial market must also extend to capital market integration. With this in mind, I am pleased that Olivier Garçon scandally agreed to replace Valdez Dombrovsky's vice president of the European Commissioners here today to update us on the status of the commission's work on the capital market union and outline issues at stake. Thanks, Olivier. The ECB welcomes the capital markets union project, has the potential to complement the banking union, strengthen economic and monetary union, and deepen the single market. To provide together with the banking union the preconditions for a more sustainable financial integration in the future. The euro system has laid some of the key fundamentals for a capital markets union by providing the market infrastructure through which capital can move freely across Europe. Notably, the launch of target two securities or T2S in 2015 brought technical and operational harmonization to the post-trade market. And T2S also provided the concrete incentive needed to drive the harmonization process forward more generally. Markets have aligned their rules and practices to get the most out of T2S. And over the past years, we've seen how they have harmonized out of choice rather than legal obligation. This market initiative was supported by legislative action needed to give the market the space it required to achieve its full potential. Central securities depositories regulation streamlined the rules and provided the legal framework for T2S's technical operations. But the work is by no means complete. More remains to be done to attain a full capital markets union. This will be the topic addressed by today's first panel, which brings together expertise from both regulators and industry. We'll take stock of the work done on capital markets union and post-trade integration so far and assess where we go from here. Now, let us turn to the other objective in our conference title, Europe's Digital Integrated Market. The financial integration process in Europe is subject to many challenges, economic, political, and technical. One additional and important challenge is digitalization. This is, in part, a fundamental challenge that affects not only the financial industry, but society at large. The internet, smartphones, and tablets have changed the way we communicate, the way we do business, the way we access and store information. In short, the way we live. Some claim that we are at the dawn of a new technological age, so-called industry 4.0, or even the fourth industrial revolution. Others dispute this or take exception to the nomenclature. But however you choose to label it, it cannot be denied that as digitalization gathers pace, it continues to insinuate itself into all aspects of our daily life and work. And the journey has by no means reached its end. Digitalization can make business processes faster, cheaper, and generally more efficient. But it also entails risks that need to be addressed. Several of our sessions today explore the risks and the opportunities of digitalization from a variety of angles and the potential effects for financial markets. Our second speaker, Jeremy Rifkin, will give us insights into what could be in store for us in years to come, as technology continues to have a profound effect on various spheres of life and business and what could be the impact on financial markets. Then my fellow member of the ECB's executive body, Merch, who by the way led the T2S to its final successful stage, will explore the topic with a particular focus on financial market infrastructure. The euro system is always on the lookout for ways to improve the efficiency and lower the costs of its market infrastructure. It considers how best to respond to and take advantage of technical innovation and meet new user needs while staying ahead of evolving risks. In this vein, we have initiated strategic reflections on the future of the euro system market infrastructure. We must also be mindful about developments in new technologies and how these might impact the banking business of tomorrow. Indeed, when we talk about financial integration and market infrastructures, we cannot neglect to consider the potentially far-reaching implications which new technologies could have for our financial ecosystem going forward. For the ECB, it is essential that new technologies are explored, analyzed, and tested to ensure that tomorrow's market infrastructure is not only efficient and innovative, but also remains safe and resilient. This is therefore high on the ECB strategic agenda. Our second panel today will explore how we can drive integration further and unleash the full potential of an integrated European market. All progress comes with risks as well as with opportunities. And one highly topical risk linked to digitalization is cybercrime, which is on the rise. Increases in users and data on digital platforms in cloud computing and across networks have multiplied the number of potential routes for criminal attacks. Agents of cybercrime, be they criminals, hacktivists or terrorists, are always on the lookout for ways to increase their level of sophistication and explore opportunities for attacks. As financial market infrastructures are highly interconnected, the potential effects of such an attack should not be underestimated. In the light of this, the euro system's aim is to improve the cyber resilience of the euro system as a whole by enhancing the cyber resilience of financial market infrastructures, fostering sector resilience and promoting collaboration in the form of joint initiatives. Against this backdrop, we are pleased to have here with us today Marco Gerke, director of the Cybercrime Research Institute, who will share with us his thoughts and expertise on the topic of cybercrime. The digitalization of the financial industry poses new challenges to legislators and regulators. Changes brought by the digitalization such as the emergence of new services and new market players may call for regulatory guidance and response to ensure both safety and a level playing field. With this in mind, our last panel today, moderated by my fellow executive board member Benoit Gerré, will look at the challenges regulators face in promoting an environment which, on the one hand, allows the benefits of innovation to be ripped, while, on the other, prevents the emergence of new threats. Thus, to conclude, we have a full and multifaceted agenda today on a topic which, in many ways, lies at the heart of the European project. How to achieve a realm of promoting financial integration in these fast-changing, uncertain, and digital times? Once again, I warmly welcome you all, and kindly invite Monsieur Gershon to take the floor. Thank you.