 Roedden ni'n mynd i fynd i wneud o'r pwyllt ac mae'n gofyn ni'n gweithio gael y banyddion cyntafol agorom yw'r pwyllt, ond y ddyn nhw'n gweithio'n gwybod yn hynny. Y ddau'r gwybod yn cael ei chyfu, ond mae'n gweithio'n gwybod. Ond yw ar gyfer y ffordd o'r ffaint. Ysgwm Llywodraeth ym gyfer yma, mae'n gweithio i gynhau'r pwlythiau a'r anod. .. acceptable. It is also sought to nurture young talent to address the answers to challenges future generations will face. We now would like to award the prize chosen by an expert panel and you for the best paper by some of the most promising young economists in the world. So, we've just seen the 10 finalists of this year's Young Economist Prize. Ac e'n gweithio'n gweithio, ond yno yw'n gweithio'n gweithio'n mynd o'r ffordd worries. Mae'n dweud fyw i'r oedd yn ychydig oedd yma'n eu cychydig oherwydd eich bod yn gweithio'n gweithio'n gweithio. Oherwydd mae'n gweithio'n gweithio'n gweithio'n gweithio, ac mae'n gweithio'n gweithio'n gweithio'n gweithio. Yn ymlaen i'r unrhyw o'r gwbl sydd ar gyfer ymweld i'r dros y cyfodau sydd ar gyfer ychydig o'r syniol, ac erdoedd hyn arfod a y dŷlfaeth iechyddiwyr mwyn effaeth preparen Radiser Cyddi ar ei gadw, mewn Rhyjau am 10, â apo chi'n gweithio ar gyfer cyώedd yw copiwn am y drynedd? mae'r pryddynny sydd âiem wedi ond hyn acon ddim, I would like to thank you very, very much, all of you who have voted for the respective papers and for having spent a bit of time in front of their posters when they explained to you what their research was about. I would like to express real gratitude to all members of the panel who have evaluated your papers. Now, Ellen Ray, Professor at the London Business School, Ricardo Reis, Professor of the London School of Economics, and my ECB colleagues, Philip Hartman, Isabel Van Stinkist and Yvan Jacques. Thank you so much for having spent this time and having taken such an interest in the work that they did. Well done. So don't be shy, I know it's a moving moment, but you have to come on stage now. It's really, really good to see you in person and you have in front of you, you know, the best and the brightest in central banking, in academia, in macroeconomics, and they are intimidated because you will be much better than they are at the moment. So I know it's not a very pleasant moment for nine of you and it's a delightful moment for one of you, but I'm going to have to do it. But I took some consolation from the fact that I was told by a friend of mine and a couple of other colleagues that just the fact that you are shortlisted and amongst the tenth actually gave you a chance to receive a few phone calls from people interested in hiring you. So in and of itself that might be a bit of a price, but for this particular contest, I'm delighted to announce the winner of this year's Young Economist Prize who will be awarded a 10,000 euros price and this trophy which is standing right there to my left. And the winner this year is Federico Cocen. Federico, so Federico, before I award you this, I just want to mention that you are a PhD student at the New York University. Your paper was on finance over the life cycle of firms. I have to say that Federico explained to me his research and he gave me a great consolation this morning. You know what you feel like after some long hours and days, he explained to me that the older you are in the cycle, the more resilient you are. Fantastic message early in the morning. So thank you Federico in addition to everything else in your paper which is far more important than the consolation that you gave me this morning. But so your paper highlights the importance of ensuring that young firms which are more likely to face financial constraints have access to external finance. Using European data and emphasizing the differences between countries, your paper shows that in times of great structural transformation, ensuring a steady flow of financing renders the process of firm entry and exit more efficient. So my warmest congratulations to you. Here is the trophy. Well done. Thank you very much. I will hold it for you. Thank you. Thank you very much President Lagarde. This is really an honor and such a privilege for me. I also want to thank the members of the selection committee and all the members of the ACB which made this prize on this event possible. As well I want to thank my fellow young economist. This has been really a privilege for me to be interacting and learning from you these days. Thank you very much. It's really such an honor. Thank you President Lagarde. Thank you. And can we give a big round of applause to the other nine who have done a superb job. Terrific. You can just stay a little bit. It's nice to be up on stage. You have to get used to it. You'll do a lot of those things. So now it's the last moment. We all want to sort of let our hair down. Enjoy a bit of outdoor activity maybe or just rest or keep looking at your emails and your messages, whichever you prefer. But it's time to wrap up and I would like to really thank all of you for your participation being in the audience, being so attentive. And I would like to address a particular thanks to the team of the ACB and those who have put in place this first after two years physical organization of this meeting. They've done a great job. The food was decent wasn't it? And everything else in between. So to those who have organized it really thank you very, very much. And you'll be pleased to know that we've decided that next year again it will be in physical format. And we'll see after that how we measure the cost benefit and the value added by being together relative to increasing obviously our environmental footprint. But certainly this year we have to do these things nowadays. But next year we'll be together for the 10th. In the meantime obviously there is going to be a lot of work that will be done, a lot of research. We are obviously in a slightly different environment as the chair and president of central banks have tried to demonstrate. And as has been fantastically documented and discussed in the course of the very great panel discussions that we had in the last couple of days to all panellists, to all those who contributed their papers and their thought and shared their brain power with all of us and those who led the panel exercise which is not always easy because it's tempting to actually get involved and speak up and say what you have on your mind when in fact you have to just give way to those who have done the work. Thank you so much. We have a wonderful dinner that is offered by the National Central Bank of Portugal. We will see each other again and we will see each other next year if you are so willing. Thank you very much.