 President Macron, Madam Chancellor, incoming President of the European Commission, incoming President of the European Central Bank, ladies and gentlemen, I am extremely pleased to be here today to express my gratitude to President Mario Draghi for his extraordinary commitment to serve Europe. I also wish to convey my best wishes to the incoming President Christina Guard for her new appointment and express my full trust in her. Today's ceremony is also an opportunity for us to reflect. Indeed, 20 years have gone by since the establishment of the European Central Bank, and we can definitely say that it's been a positive experience. Mario Draghi took the baton from Jean-Claude Trichet at a time of great change after the first 10 years of monetary union characterized by relatively stable economic conditions, with a moderate and constant growth which the bank fostered and supported. During its first decade of life, the institution built its credibility on the goal of curbing inflation, making sure that it remained within 2 percent in accordance with the objective it had set out. In 2011, however, the impact of the financial crisis imposed a change of pace upon the union and especially the bank. The challenge had readily become an existential one, overcoming the perception or even the risk that the euro system might be on the brink of dissolution. Today, we may consider that possibility and risk as being behind us. Indeed, the bank was able to respond to the sovereign debt crisis, which had an impact on banks and businesses with some widely debated innovative instruments, and it refused to play the role of an entity that was rigidly bound by predefined mechanisms, regardless of the situation. Instead, it adopted a smart and responsive approach and never resigned itself passively to dealing with the consequences of any given situation, while always respecting rigorously the mandate entrusted to it. Indeed, it never ceased to be aware of the limits of monetary policy, while at the same time adhered the pressing request to operate through other levers like fiscal policy and structural reforms, because as often stressed by the president of the bank, we can't place too great an onus upon monetary policy. Once the darkest phase was over, the union had to secure the European economy, especially it had to support the European economy's final recovering by sustaining growth and employment levels. And there were many significant responses, and it was recognized that all the institutions that the union had to do their part. The overall architecture of the single currency became more robust. Common national budget rules were strengthened. The European stability mechanism was created, and the banking system was overhauled, with a consequent introduction of a single supervisory mechanism. Now, the single resolution mechanism, in case of bank failures, was thus established, along with the European system to protect bank deposits, although a European deposit insurance came easier to be completed. Over the past eight years, Mario Draghi, an authoritatively served a more solid and inclusive Europe. He perceived the defense of the single currency as a battle to be fought, with a determination against the forces that wanted to see a crumble. With great courage, a courage that was rational, because it was always supported by analyses produced by the institution itself and the Council in its collegiality, in a context which by its very nature is characterized by uncertain individual and market conditions. A courage that enabled him to listen to dissentee and critical opinions, but also appreciate the contribution of those who challenged consolidated visions. Today, I think we can say that the European economic system is sounder. Employment levels have risen and are higher on average than in 1999. The European banking system is more compact. There is a higher degree of integration, greater convergence, but especially, and this is one of the greatest achievements of the past few years, popular support for the Euro has gone back to being especially high. Today, I think we're also given the opportunity to look at what still needs to be done in this vast continent of ours, especially in order to strengthen the Eurozone. We must not forget that competition with the world's great economic areas has become truly fierce, and more than ever, size has become a crucial element to be able to influence the course of events in order to protect our societies and citizens. In the current context, to complete, completing the European project is an existential need if the Union intends to truly become a global actor. On February the 22nd, the University of Bologna awarded Mario Draghi an honoris causa degree, and I'd like to repeat some of the words of his Lectio Magistralis. In today's world, interconnections, technological, financial, and commercial are so powerful that only the largest states are able to be independent and sovereign at the same time, and not even completely. And then he added, the European Union is the one institutional construction that in many areas has allowed its member states to be sovereign. It is a shared sovereignty, preferable to a non-existent one. I'd like to borrow those words from him because I believe that the protection of the European country's sovereignty lies with the European Union. The quantity and quality of the steps and measures required to face a new international scenario call for a further and responsible change of pace, which must also involve the European Parliament, for it is the expression of the European people. We must all have courage. I don't think it must have been easy for President Draghi in the thick of the crisis to say whatever it takes, whatever it takes, as long as it takes for the good of Europe and of future generations. That is what we must all absolutely do. Dear Mario, Professor Draghi, as a European citizen, I wish to say thank you.