 But now I have the pleasure to announce that Vice President Constancio will now reveal to us the winner of the Young Economist poster sessions. And I would like to call the Young Economist to come and join us on the stage here. Thank you very much. Indeed, it is a pleasure to now have the final element of our meeting in giving the prize to the paper that deserves that distinction out of the very good papers of good very good quality that were presented and selected by our jury to start with. We have initiated these events since our first forum here in Sintra. I think it's very rewarding. We send letters to all departments around the world for professors to stimulate their students to present papers at our forum. And they come, as you have seen, from everywhere in the world. It's not just for European universities. So that is very important indeed. So there was a jury, which was the following. We had some ECB staff members, Philip Artman, who was the chairman, Ines Cabral and Peter McHatham, and two external academics, John Muehl-Bauer and Ricardo Reyes, respectively professor of economics at Newfield College Oxford and professor of economics at Columbia University and more recently at the London School of Economics. So the winning paper is as the title, The Effect of Central Bank Liquidity Injections on Bank Credit Supply by Matteo Grossignani from New York University, which impressed both the selection committee and the conference participants who voted on their iPads across the two dimensions of the selection. So as most of you may have seen, it is addressing the key current issue to which extent unconventional monetary measures are effective. During the case of the ECB's three years LTROs, the first initiative, of course, to have data to see the impact, it finds a significant positive causal effect on Italian bank credit supply. It stands out from the literature by first exploiting very rich data from the Italian credit register, and second, pursuing a particularly innovative identification strategy. So please join me in congratulating the recipient of the 10,000 euros prize for the best paper presented at our ECB forum.