 Good morning, everyone, and welcome in our cinema room. So this morning, we are not gathering to make a movie or to present a movie, but to some extent, we are nevertheless trying to project ourselves into the future. And that's why I welcome you strongly to see how we can endeavor together to create the most efficient and effective environment for the euro system and beyond with our reflections. I want to address this morning three issues in my brief opening remarks. And I want to apologize because I have a board meeting afterwards, so I will not be able to stay during the discussions. The first few words will be on the key drivers for change in Europe's financial market infrastructure. The second series of remarks will be the consequences that will arise from these drivers' work. And then the third would be the euro systems concept for evolving this market infrastructure within our, what I would call, our vision of 2020, the time horizon that we want to introduce. So first of all, what are the key drivers? Change in Europe's financial market infrastructure landscape has been driven mostly by two objectives, integration on the one side and increasing efficiency on the other side. With the advent of the euro as a common currency, of course, integration was at the heart of the euro system strategy for building its RTGS system and the so-called CCBM in the 1990s. The elimination of differences between national and cross-border retail payments in euro was another key ambition for the creation of the single European payments area, the so-called SEPA. But last but not least, T2S, the single pan-European platform for security settlement in central bank Monet, has achieved the consolidation of what I would consider the most fundamental part of the securities value chain that is settlement. And we at present see in daily in the newspapers also how market consolidation in the trading area and the clearing area is also proceeding. But in parallel to the efforts to move toward an integrated market infrastructure, the euro system has also undertaken efforts to increase the efficiency of its market infrastructures. This has been facilitated by technological progress and by innovation. At the same time, we have to take into account that digitalization and the social diffusion of real-time information and communication has fundamentally changed the end-user's expectations. Access to and usage of financial services anytime, anywhere via multiple devices and via multiple access channels is today taken for granted. This has not only consequences for the service layer, but also on the underlying clearing and settlement layers. A further impact on the market infrastructure or at least on certain functionalities thereof may be expected from the distributed ledger technologies. We are committed to analyze these technologies and to see how they can lead to lower costs and at the same time to more resilient market infrastructures. But we have also to consider how they may affect financial intermediation at large. The role of banks and other market participants as well as our rules and our procedures as regulators. The euro system fulfills its statutory task of promoting the smooth operation of payment and settlement systems in three distinct roles. The first one as operator, then as overseer, and then finally as catalyst. These three roles are there to stay. What changes is what we need to do within each of these three roles. Let me first say as an operator, the euro system is committed to assess the opportunities of new technologies in order to enhance the different services it provides to the financial services community. The current exercise of consolidating the two infrastructures we operate is in this respect an excellent starting point. With this exercise, we aim at bringing benefits both to target to end users by using state-of-the-art features that is being offered by T2S. We are convinced that increasing the efficiency of our market infrastructure will ultimately also support the efficiency of the financial services community. Second role, that as an overseer, the euro system needs to arrive at a common understanding about the developments which potentially affect the overseen entities. The digitalization of financial industry means that the security requirements for the overseen instruments and the overseen infrastructures need to be adapted and enhanced accordingly. Furthermore, the emergence of new service providers requires, of course, reflecting on issues of level playing field for newcomers and for long-established players, as well as an appropriate level of protection for the users. Service providers from outside Europe, offering global solutions, present a further challenge that has to be tackled last but not least. The effects of digitalization and new technologies also need to be studied in the context of cyber resilience, both from the operators and from the overseers function. The objective remains to have resilient infrastructures and a smooth functioning of payment systems, which, in the end, guarantee the proper transmission of monetary policy. And third role, that of a catalyst. The overarching goal here is still to fulfill our statutory task and to support the creation of truly single European market for payments and securities. We strongly believe that the single market brings improvements in efficiency and contributes to economic growth. Hence, our main focus here is to ensure that technological innovation does not lead to a disruption or to a refragmentation of the market. To address the need for Europe's financial market infrastructure to continuously evolve in order to keep pace with market developments and technological progress, the euro system has developed three key action points it will work on in the run of its 2020 vision and, I would say, even beyond. The first, which we are here to discuss today, is to explore synergies between target two and T2S with the goal of achieving a consolidated market infrastructure for large-value payments and security settlement. The second action point is to prepare the enhancement of target two services, especially for instant retail payments, at least, I would say, in the settlement layer. We have to see how markets develop in this respect in the clearing layer. Currently, business requirements for the settlement of instant payments and credit risk management across payment systems are being guarded from market participants. We also need to assess if interoperability arrangement between automated clearing houses can ensure full pan-European reachability for instant payment scheme participants in the EU, and if and to what extent risk mitigation measures have to be harmonized across ACHs to facilitate this interoperability. And third, there are plans to review the harmonization of euro system arrangements and procedures for collateralization, only if further progress in harmonization, standardization in this respect will take place, then we will have the base to assess and to reconsider the business case for a common euro system collateral management system. To conclude, I would say that Europe's financial market infrastructure has been built on the basis of a collective approach, driven jointly by the public and the private sector. In all three action points that I mentioned, the euro system will continue to work closely with the market in order to benefit from its knowledge and experience, as well as to ensure that Europe's future financial market infrastructure also fully meets the needs of the users. Please have your say. Today, in this information session, in the already existing users fora, or even if you prefer by writing us in the written procedure, your input is needed. Let us jointly write the script for the future of the euro systems RTGS services. With this, I hand over to the chair of this meeting and wish you a very successful meeting. Thank you for your attention.