 Let me just dive straight into what I think is so critically important to make sure that finance actually goes in the right direction. I think that we are learning on the occasion of this terrible pandemic that we need to live different lifestyles, greener, more sustainable, more respectful of the environment and more respectful of biodiversity. In my position now as a central banker, when I look at where money is going, I see very clearly that there is not enough finance going in the green direction. What do I mean by that? If I listen to my friend Ursula van der Leyen at the European Commission in the Euro area, in Europe rather, not the Euro area, there is a need for an annual 290 billion euros for many years in order to actually deliver on the Paris Agreement commitment and better if we can. If we look at how much is financed in green investment, last year it was only 100 billion. So we are short of two-thirds of what is absolutely needed. That's point number one. There's not enough finance going in the green direction. I'll have to say though that Europe is not doing a bad job in that respect and if you look at who is active, what currency is being used, which institutional players are active, which governments are issuing, you see very clearly that for instance the European Investment Bank back in 2007 decided to go in that direction and more than 30% of its investments now are in green projects. If you look at governments at the moment in the Euro area, no less than six countries including France, Germany, Belgium, the Netherlands, Lithuania have actually issued green bonds. Now granted it's only north of 50 billion euros worth of those bonds but it's clearly an emerging finance markets that is going to be, we hope, growing significantly. It will grow for sure because for those of you who have looked at what Europe is delivering at the moment to fight the pandemic, there is a massive fund that will be launched in various installments, sorry not a fund, it's an issuance of bonds that will be launched early 2021 and going forward in the next few years, which will be 750 billion euros in order to respond to the consequences of the pandemic and with the focus in terms of investment in green and in digital. As a result of that 30% of that 750 billion, that is 250 billion euros will be green investment. So my key points, not enough finance is going in the green direction, Europe is playing a key role and if you look at the currency that is used by all the green bond issuance at the moment, more than 40% of them are issued denominated in euros as opposed to a little over 20% in US dollars. So Europe has a key role to play in that field and I think it is clearly very active in that particular area. Now, even the finance that is not enough is probably not green enough. What do I mean by that? A customer was quoted to have said that green finance is not just the wild west, it's the jungle in the wild west because there are so many ratings and rankings around to determine whether an investment is or bond is ESG or not that a lot of investors are actually lost as to exactly what is green, what is not. There was a recent study that was done by the BIS that reviewed all those green issuance and verified between the claim to green and the actual variation of the footprint of those issuer and concluded that sometimes those green issuance were no more than a bit of a fig leaf. So more clearly needs to be done because it is probably the case that financial markets by themselves are not actually measuring the risk properly and have not priced it in. So in the absence of a common shared definition, in the absence of compulsory disclosure by companies, we lack the granular information to actually assess whether something that is claimed to be green is actually green. So not enough finance and the finance that is sometimes claimed to be green maybe is not quite green enough. So what it calls for is more involvement, continued intervention and support to correct market failures in green finance. Is it for a central bank to do that? No, but legislators, regulators have a role to play and I'm very pleased that last July the European Parliament came up with a taxonomy that really indicates what is green. It's now effective. More needs to be done because we also need to appreciate and understand what is not green and what variation of brown, what variation of greens we have around. What do we do at the ECB in that respect? Well, first of all, we scrutinize very much all our non-monetary policy portfolio to make sure that our investments, our management of our portfolio is actually green driven. But in the face of what I call the market failures, it is also a question that we have to ask ourselves as to whether market neutrality should be the actual principle that drives our monetary policy portfolio management asset purchases programs. And I'm not, you know, passing judgment on the fact that it should no longer be so. But it warrants the question. And this is something that we are going to do as part of our strategy review. And I think that all central bankers will have to ask themselves the question as to whether or not we are not taking excessive risk by simply trusting mechanisms that have not priced in the massive risk that is out there and that results from the impact of our action, us human beings on our planet and how we impact the life of future generations through not fighting this climate change that we are seeing. So those are big broad questions that I think public opinion, our children and grandchildren would legitimately argue about us not doing the job that we should be doing if we don't ask them. And I'm very pleased that here at the ECB we are applying the principles that we respect in our own portfolio and that we're also going to explore in our strategy review what a central bank such as the European Central Bank should do, should embed in its thinking and its management going forward.