 Good evening. Dear Larry, dear colleagues, ladies and gentlemen, let me welcome you all to Sintra. We're delighted to have once more so many illustrious participants to our annual forum. This year we will discuss how developments in the real economy translate into inflation by a wage and price setting. Sixty years ago, Bill Phillips published his seminal paper investigating the relationship between unemployment and nominal wages. The latest research in this area provides new insights as to which concepts of slack are useful for the conduct of policy and the channels through which prices and wages are affected. Inflation expectations will also feature prominently in our discussions. Recent research raises new questions on what is the most relevant measure of inflation expectations for price and wage settings, how firms and households form expectations, how these affect consumption and investment decisions. But perhaps differently from similar discussions that have taken place since Phil's paper on ours will be looming on our discussions, will be looming the profound structural change that in recent years bid exchange globalization, bid digitalization has affected all relationships between economic agents. In this context, recent research analyzes how interlinkages between economies, notably through the development of global value chains, affect the pass-through of exchange rates and how prices and wages are set in open economies. Also, digitalization has opened up new avenues for the provision of services, increased price transparency across providers and facilitated new methods of price setting. But it can also contribute to the fragmentation of labor markets which may influence wage setting. So the agenda of the next two days is richer than ever and I'm confident given the knowledge and experience of all of you that so will be the discussions and insights that will originate from them. Tonight's speaker should be introduced not by the list of his achievements, not by the mention of the many areas where his research has produced tremendous insights, nor by the policy changes that he successfully coped with throughout his life. But rather by the thread that in the view of a lifetime friend links together all this and that's by the way one of the many threads. That's his ability to link, to offer a reading of the world with fresh eyes, unencumbered, neither by dogmatism nor by vested interest. Eyes where the social dimension of what all of us do is always sparkling. Eyes where his eagerness to improve the lives of others blends with good judgment strengthened by his intellectual rigor and matured by the policy experience. Thank you. Thank you Larry for being with us tonight. Thanks.