 Ladies and gentlemen, thank you for inviting me today to discuss the response to the coronavirus crisis with a particular focus on Greece. The pandemic has caused significant disruption and hardship in nearly every aspect of our lives. The euro area economy has been severely hit. Today I will argue that while Europe has responded to a major challenge, it is not out of the woods yet. In Greece, European and domestic policies have together played a crucial role in absorbing the shock, but further efforts will be needed. At the same time, and has Hippocrates, the father of medicine, once said, healing is a matter of time, but it is sometimes also a matter of opportunity. Europe and Greece in particular now have such an opportunity. Next generation EU offers a unique chance to use European funds to recover from the crisis, supported by national policies. If used well, it will not only help the Greek economy to heal after the pandemic, it can also strengthen the country's growth potential in the medium term. The extraordinary nature of the pandemic shock called for an equally extraordinary policy response from the ECB. We therefore launched the Pandemic Emergency Purchase Program, which includes Greek government bonds to significantly ease our monetary policy stance and stabilize markets. It was imperative to protect the economy from the risk of financial collapse. We therefore eased the conditions under which we provide liquidity to banks and strengthened the incentives to expand bank lending to the real economy. We also eased collateral rules, importantly for Greece. We temporarily waived the minimum requirements to accept Greek sovereign debt instruments as collateral for central bank operations. Our policy package has stabilized markets and is supporting economic activity after the collapse in the first part of the year. Our prompt actions have prevented financial meltdown and stemmed financial fragmentation within the euro area. The inclusion of Greek government bonds in our Pandemic Emergency Purchase Program has helped to stabilize financing conditions in Greece. Interest rates spreads have dropped markedly, with clear positives below us in the Greek financial markets and banking system. But we are not there yet. The latest ECB staff projections foresee a contraction in euro area real GDP of 8% this year. Economic activity is expected to return to growth in the following two years but to recover to pre-crisis levels only by the end of 2022. Inflation will remain subdued. Over the projection horizon it is expected to stay uncomfortably below our aim. This outlook is clouded by persistently high uncertainty. The risk of a deterioration in labor market conditions weighs on house of consumption. While balance sheet vulnerabilities may affect credit supply and reduced business investment. Indeed, momentum in the services sector has recently slowed somewhat. Overall, the balance of risks remains on the downside. The results achieved by our monetary policy measures are remarkable but they are not fully satisfactory yet, as price pressures and inflation expectations are expected to remain subdued. In light of the current outlook for inflation we need to remain vigilant and carefully assess incoming information, including exchange rate developments. It is necessary to maintain very favorable liquidity conditions and an ample degree of monetary accommodation for an extended period of time and in any case for as long as necessary. The governing council continues to stand ready to adjust all of its instruments as appropriate to ensure that inflation moves towards its aim in a sustained manner. Greece responded rapidly and effectively in containing the pandemic but the containment measures are inevitably taking a toll on the Greek economy. While this crisis is not counter-specific, in Greece it added to existing fragilities. Greece's financial sector remains heavily burdened by no-performing loans and is thus constrained in its ability to support the recovery. Greek national policies aimed at ensuring access to finance for businesses include direct lending from the state and two schemes implemented by the Hellenic Development Bank. These are expected to reach an overall loan volume of about €13 billion or 7.7% of GDP. They come on top of the broader fiscal package in response to the pandemic. So far the ECB's policy measures and the relevant Greek policies have supported bank lending to corporates which has increased substantially while credit standards have remained broadly stable. At the same time, Greek small and medium-sized enterprises continue to have serious concerns about their lack of access to financing. In order to underpin the recovery, policy support remains necessary to safeguard the continued supply of credit. Looking ahead, it is essential to complete the financial sector reforms needed to support the process of MPL reduction and guarantee an adequate supply of credit during the recovery. The funding from next-generation EU creates an extraordinary opportunity. For the first time in history, the European Union will issue common debt to counter a common shock. This will bring fiscal policy more in tune with monetary policy at the European level and may represent an important step for European integration. We borrow together to recover from the crisis and to invest in our future. All EU countries will benefit from this common response, but to be effective, European measures require careful planning and decisive action at the national level. In time, the need to buffer the immediate impact of the pandemic will be replaced by the need for investment and reform to support a sustainable recovery. As the national support measures are phased out, a well-planned and coordinated approach will be necessary if we want to avoid cliff effects. Policies will have to find the right balance to achieve the twin goals of stabilization and modernization. Particularly in the case of Greece, the significant resources that are expected to be provided by the next-generation EU represent an opportunity to strengthen the country's growth potential. These resources should be channelled into much-needed growth-enhancing and job-creating investment projects and should be accompanied by a continuation of the ongoing reform process. Let me conclude. Europe has responded to a major challenge, but it is not out of the woods yet. The ECB's governing council stands ready to adjust all of its policies, depending on incoming data, in order to bring inflation in line with its medium-term aim. At the same time, European and Greek national policies must continue to play their crucial role in absorbing the shock, supporting the recovery and achieving sustainable growth. Next-generation EU offers a great opportunity for Greece. Together with strong national policies, it may lay the foundation for a Greek economy that will create jobs and prosperity. Thank you.