 Good evening everybody. This was a very rich, insightful, thought-provoking conference for us. I hope that you appreciate it as we did. Together with the other organizers, we want to offer some wrap-up from these two intense days. As we mentioned yesterday, all the proceedings will be on the website of the ACB, it will be available. Now, as you recall, the conference was opened by a speech by Fabio Panetta, who discussed the challenges of calibrating monetary policy in a volatile environment, presenting central banks and other policy makers with complex economic and financial tradeoffs. This was the main message of Mr. Panetta. We then had a first session about the role of collateral with two papers. So the first paper discussed evidence about the importance of the ecosystem's securities lending facility for alleviating the scarcity of collateral in reborn markets and enhancing bond market liquidity. Now, a key finding is that the level of the fees and the conditions are crucial for the impact of this facility. Now, in the second paper, the second paper examined the ecosystem path toward harmonizing eligible collateral, which started in early 2007. It facilitated the cross-border lending to borrow and constrain firms and increased financial integration and monetary union. The events then, the financial turmoil, the global financial crisis, the earlier crisis and so forth, kind of took away some of the steam from this harmonization. So at the moment, further exploration is needed to look at the additional means for turning loan securities into eligible collateral. Now, then we had the first of the two keynote speeches by Marcin Kaspersky, who asked, who engages in green research and development and how is corporate behavior affected by green technical progress? Marcin and his co-author find amongst others that around the world and in each sector, innovating companies with higher carbon emissions tend to engage more in brown research and development and less in green research and development. Second, despite a consistent rise in the share of green research and development over time, the effects of green innovations on subsequent carbon emissions, which are assessed in their sample, are small. Direct emissions, and this is the third point that we take, direct emissions of green innovating companies are not significantly affected by green innovation. According to us, this has chilling effects on the global warming debate and these findings are lightning bolt and wake up cold for all of us. So I'm sure this line of research will be dissected, expanded also in the coming weeks, months and so forth. We then had the second session on repo markets. So in the first paper, it was shown that access to safe assets can reduce the fragility and improve the lending behavior of financial intermediaries. In the case of the US, access to the Fed's overnight reverse repurchase, attenuates investors redemption incentives and allows money market funds to maintain their lending to corporate borrowers. So an important finding. In the second paper, in this session, the factors for money market rates to remain below the DFR and still segmented were weighted. And it is important that we understand better the motivation. So the stress between banks access to the DFR facility to park access liquid versus the scarcity of securities in the market that is attributable to the QE. Okay, then we came to the final session of yesterday. So the market participant panel, which featured a very lively discussion on the current state of money markets and their directions. A few remarks points are worth mentioning here. So there was agreement among panellists that market participants need to take first responsibility to manage risks and maintain adequate buffers in a completely new environment characterized by high and positive rates, inflation, additional regulatory requirements, high volatility and less ample liquidity. Some panellists explain that markets need to rediscover how to price liquidity. Then the panel could not conclude on what will be the minimum demand of reserves from the banking system to anchor short term rates. But there was agreement that it will be probably above one trillion euros. Going forward, the panel agreed that despite large expected LTR or repayments still this year collateral scarcity will persist likely. And there were calls from the audience for the CB to take additional measure to consider additional measures addressing some of the risk identified. This could include the reversal of facility or the issuance of ECB short term debt instrument. This were called from some of the audience. Now, then came this morning. So the session on central bank tiering systems and cryptocurrencies. So in the first paper, it was shown that the ECB tiering system for emanating excess reserves holding helped to reduce money market fragmentation and enhanced overall monetary policy transmission incentivizing banks to increase lending. Now, the second paper, and especially the work of the discuss center, broaden our knowledge or more precisely what we still need to understand better about developments in the field of digital payments and digital currencies with implication for financial innovations. Now, we know that there was an interesting discussion about the game theoretic approach, the trade offs and so forth. But we know also from the work of Ulrich Binseil and the colleagues in the GMI that these are multifaceted markets in which you need to bring together critical masses of users, banks and issuers, settler and so forth. So it's a very complex micro and macro and financial dimension to settle. In any case, this was an excellent discussion in this session. Then came the second keynote speech by Andrew Poser, who highlighted the challenges central banks face when dealing with the start of monetary policy normalization, while facing episodes of sudden financial instability at the same time, instability in pockets, segments of the financial market, the non-bank financial institutions in which liquidity is urgent and the central market does not want to deviate from its main policy objectives. So then came the session on safe assets. So we had the paper of Shohini Kundi shows how large shocks to deposit concentrated areas amplify through banks, internal capital markets and can generate aggregate fluctuations. And can explain up to 3.3% of variation in economic growth. Now, the paper of Shohini Kundi actually has important implications in terms of analyzing the geographic concentration of bank deposits, especially for European countries and across the Euro area. And so I will immediately, we should inquire if there are authors that are looking at these dimensions across European banks at the risk of network cascades and so forth. Now, over and above this, this type of research by Shohini Kundi is rendered more acute by the steady climb in climate change related events which are both acute and chronic. So I think this was a very interesting presentation, very clear and with a good discussion. So I hope there will be follow up for us on this line of research. Now, to conclude, I would like to join the organizers of this money market conference for 2022, which are Sebastian Pohl sitting in front of me. Maria Encio, Stefano Coradine, Sebastian Weber, Anna Samarina and Nina Willenberg. But we have also benefited from a lot of invisible hands. So a big thank you goes also to Stefan Seitz, Justina First and Anya Sinc from DG Communication and everyone from TVN for the technical support. Now, really to finish, we hope to see you all at the next money market conference 2023 or sooner. And that concludes the conference. Thank you very much.