 Thank you Chair Powell, Governor Bailey, thank you President Lagarde for certainly diverse rich debate, which we all enjoyed very much. Let us now turn to another special moment of today's program. So that's where I go. Hello. My name is Christy Giants. I'm 28 years old and I'm from the Netherlands. Ciao. My name is Antonio Marci. I am 29 years old and I am from Italy. Ni hao. My name is Indio C. I'm 32 years old and I'm from China. My work studies monetary policy in economies with domestic and international production chains. I'm interested in the interaction between monetary policy and financial stability. My research is on the role of information choice in macroeconomics and finance. I'm interested in finance and development. I do research in banking and copy finance. My work is about the policies of the European Central Bank which directly affect the risk premium on the sovereign debt of peripheral countries. I study how long-term investors change their bond holdings, after shift in regulation, and how these changes subsequently affected interest rates. I found that savers choose to get more information about which bank or product they should use for their saving in recessions. My work explores how golden preferences determine financial regulation, focusing in particular on the role of political connections in this process. In Cintra we would have welcomed young economists on stage. Here we welcome this to our virtual video wall, as it were, for this year's award ceremony. We're joined by Angelo D'Andrea, Christy Jansen, Alistair Macaulay, Antonio Marci, Roxana Mihet, In G.C., Magdalena, Rola Janicka, Elisa Rubo, and Xuan Huang. Let me now invite to the podium once again President Lagarde, who will announce the winner and then conclude this year's forum. Thank you very much, Thierry. As you mentioned, young people play a critical role and an integral role in shaping the future of Europe and the world. And as you've had a small taste of it in the video that was just played, the ECB's Young Economist Competition now in its seventh year gives us the invaluable opportunity to hear their fresh perspectives on the challenges we face. And they are PhD students from across the globe, as you may have noted from their names. Now, those entering this year's competition were invited to submit papers addressing the theme of the forum, that is central banks in a shifting world. Submissions were rated both from their academic quality and their policy relevance. We received a total of 103 entries and nine finalists whose name you just heard, who are on screen now, were chosen. Congratulations to all of you who were chosen. Nine, that is, four men and five women from six different countries whose research focused on topics including currency union, financial regulations and digitalizations to name a few. And if you in the audience have not yet had a chance, I would strongly encourage you to have a look at the work of all of our finalists on the ECB's website. And I'd like to thank all the forum participants who took the time to vote on the entries. Your votes were taken into account by the members of this year's selection committee, the jury, Chairperson Philip Hartman, Ines Cabral and Glenn Sheppens from the ECB, John Mulbauer, Professor of Economics at Newfield College in Oxford and Ricardo Reyes, Professor of Economics at the London School of Economics. And now, having given my congratulations to all of you, the nine of you, I'm delighted to announce the winner of this year's Young Economist Competition, who will take home the price of 10,000 euros. And the winner is Roxana Mihet, who recently obtained her PhD at New York University and is now an Assistant Professor at the University of Lausanne for her paper, Who Benefits from Financial Innovation. Congratulations, I see a massive smile on your face and I'm delighted for you. Well done. So I'm sure you will all congratulate our winner on this impressive achievement and I hope you can join me now on the live stream to give us a short insight into the topic of your paper and the relevance of your research in today's world. So floor is yours. So I would like to start by thanking the President of the ECB, Christine Lagarde and all of the members of the selection committee for granting me this award. I'm truly humbled to have been selected among such a strong group of brilliant young economists. I've been extremely impressed by their research papers exploring some of the main challenges currently facing our economy. So my own paper is on a subject that has received a lot of attention in the past few years. How new financial technology is transforming our society by changing the way people think about their finances. So in this paper, I find that the explosion of new financial information technologies for retail investors does not guarantee broad increases in household wealth. Instead, the sophisticated investors who already have high levels of wealth are most likely to benefit from many of the new technologies. So my research has implications regarding wealth redistribution in today's new world. It also offers suggestions for guided access to disruptive technologies and capital access and for the ways in which financial technology should be regulated. I find that to accelerate positive structural change, policymakers need to lay the foundations for fair competition through the democratization of both data and financial technology. So thank you very much again to the selection committee and the president for the opportunity to participate in this competition. And thank you for the prize. I truly feel very honored for being surrounded by so much talent. Thank you. Well, thank you very much Roxana. Those are very, very good words and a good description of the work that you have done. I just want to make sure that you see the award that will be shipped instantly to you so that you can receive it, as will be the 10,000 euros. And you'll have to tell us whether you prefer digital transmission or any other ways of transmitting, but you will get it. I can promise you. So before I formally conclude the edition of the forum, let me take this moment to thank all of you for your valued contributions, which have made this year's event such a success. It was different, but it was really fascinating. And I for myself have learned a lot by listening to all your presentations and reading your papers. I would also like to thank each of the speakers, the discussants, and the panelists for presenting your research and your perspectives over the last two days. And even though this year's was a virtual one, we have had the opportunity to hear stimulating views and to benefit from the open and very lively discussions that have always characterized the ECB forum on central banking. Let me also thank both myself, but on behalf of all of you, the organizing team at the ECB for the really hard work and for adapting so quickly and being so agile in making this event happen in difficult and changing circumstances. It almost worked to perfection. And frankly, if you would see the backstage, it's a lot of work and it's a lot of long days and short nights for many of them. So I now have the pleasure of announcing the next year's event. It is scheduled to take place from the 28th to the 30th of June, 2021. So mark down in your calendar right away, 28th to 30th of June, 2021. With a bit of luck, we will see each other in Cintra. And I want again to thank you all very much for this year's event and wish you a pleasant evening and please be well. Congratulations, Roxana.