 My name is John Moore and I'm greatly privileged to be receiving the Bank de France Toulouse School of Economics Senior Prize in Monetary and Financial Economics. I rise at around 30 years since I began my collaboration with my friend Nobuhiro Kiataki who is a macroeconomist and a monetary theorist. And he and I have been engaged on an overarching goal of trying to understand why it is that relatively small disturbances in the financial system can spread over and amplify into the economy at large. And to that end we've been over the years thinking about collateral, the nature of liquidity, monetary policy, the problem of financial difficulties spreading along chains of credit and so forth. What can I say? Just we profondément honoree. Merci.