 Good morning, everyone. It is a great pleasure to open the ninth ECB conference on Central, Eastern and South-Eastern European countries that I will call from now on CZ. So the CZ region, which comprises 21 different economies, can overall be considered a European success story in recent decades, having enjoyed rapid convergence towards higher-income countries. Between 2000 and 2021, the economic size of the region almost doubled to 40% of the euro area aggregate. And this strong growth has led to rising living standards with average GDP per capita jumping from 36% to 54% of the euro area aggregate in the same period. But in the meantime, the world has changed dramatically since we last held this conference in 2019. A series of shocks have appended our old reality and replaced it with new uncertainties. Horribly, one of those shocks has been the outbreak of war in Europe, an event that we once thought consigned to the history books. Russia's unjustified war against Ukraine and its people is a human tragedy. And it has had deep economic consequences for the CZ region in particular. In parallel, the world is changing in ways which make the growth models of many CZ countries more vulnerable, as these models generally involve high levels of trade openness and integration into global value chains. But as Graham Greene once wrote, a feat of daring can alter the whole conception of what is possible. And the challenge now facing the CZ region is how to continue its convergence story and ensure that growth remains resilient in this new landscape. Fortunately, CZ economies can already look back on a strong history of resilience, be it mastering the transition from central planning to market economies in the 90s or recovering from the global financial crisis with impressive speed. So I have every confidence that they will be able to adapt to those new uncertainties. So what is this geopolitical landscape and how has it changed? I will limit my remarks to two broad shifts which are reshaping the global economy that may have profound implications for the CZ region. One, rising geopolitical tensions and two, weakening global trade, one leading to the other. After a long period in which the United States was the sole superpower, the world is becoming more multipolar with greater competition between major powers, less respect for international rules and norms, and a waning influence for multilateral institutions. In this environment, even deep commercial ties may be insufficient to prevent trading relationships from becoming adversarial. This makes the global environment increasingly prone to shocks and the task of macroeconomic stabilization for all countries much, much harder. Unfortunately, the CZ economies know this all too well. Russia's war against Ukraine triggered a massive shock to the global economy, especially to energy and food markets, and CZ economies have been particularly exposed given their geographic proximity to the conflict. While inflation has now started to come down, over two-thirds of economies in the CZ region saw annual inflation hit 13% or more last year, with several countries seeing marketly higher price increases. In comparison, annual inflation in the euro area was 8.4% and declining now. Geopolitical tensions risk accelerating the second shift in the global landscape, the weakening of global trade. Since the global financial crisis, trade growth as a share of world GDP has plateaued. And we are also seeing rising levels of protectionism as countries reconfigure their supply chains to align with new strategic goals. Over the last decade, the number of trade restrictions in place has increased tenfold. The CZ region and Europe more generally may be vulnerable to such a shift. Last year, trade as a share of GDP was higher than the euro area average for two-thirds of CZ economies. And while other major economies such as the United States have seen trade as share of GDP fall since the pandemic, in the euro area, it reached a record high in 2022. So let's look at the daring and what is the new foundation for strengthening resistance. A changing geopolitical landscape means that in the euro area and in the CZ region, we need to build new foundation for strengthening our resilience. This foundation rests on further deepening the European Union and its ties to the surrounding region. And I see three key elements for those foundations to hold. The first is reinforcing openness within our region. Trade fragmentation could see the flow of goods and services increasingly being pulled towards different trade blocks at the expense of countries outside those blocks. So by leveraging our regional strength, Europe and the CZ region can recreate some of the benefits of globalization on a smaller scale. The euro area is already the main trading partner for most CZ economies. And we can capitalize on this existing momentum. Between the year 2000 and last year, the share of euro area imports from the CZ region increased from 5% to 10%. And the share of euro area exports to CZ economies reached 11% last year, almost double that at the start of the millennium. In addition, CZ economies in particular can benefit from changing global trade patterns as companies seek suppliers closer to home. It is safer. Survey evidence shows that firms in the CZ region and especially those based in the EU are seen as highly reliable trading partners. It is safer. The ECB also has a key role to play here as the guardian of the euro. Our monetary policy plays an important anchoring role for the CZ region as the euro is widely used in trade, in voicing and trade financing. Euro cash also serves as an important store of value. Demand for the euro surged in CZ economies right after the Russians' unacceptable invasion of Ukraine. The second key element is increasing our collective security. Europe and the CZ economies have already taken substantial steps to increase their energy security, given the dangerous historical reliance on Russian fossil fuels in their energy mix. In February 22, the EU was importing around 36% of its natural gas from Russia. In a space of nine months, that fell sharply to 13%, one-three, as the EU reduced its gas consumption and diversified towards imports of liquefied natural gas. Most, though not all, CZ economies have also made significant progress in substituting energy imports away from Russia and in building up gas storage levels. But that's not enough. We need to accelerate our efforts to decarbonize and increase our energy independence. That is why initiatives that help to build renewable energy sources are so important, such as Next Generation EU and the EU's recent energy support package for countries in the Western Balkans. The third key element is defending and spreading our common values. The attack on Ukraine was also an assault on European values, such as the respect for international law and human rights. And that is why Europe has imposed unprecedented sanctions on Russia and provided substantial support to Ukraine following the invasion. To date, the EU has made available 38.3 billion in economic assistance and over 21 billion euros in military support. The strength of the EU's response demonstrates not only its capacity for action, but also its appeal as a political project that others see the benefit of joining. What the West German Chancellor Konrad Adenauer once described as magnet-europa effect. The push for EU enlargement has recently gathered momentum as a consequence of Russia's war. Last year, the EU granted Ukraine, Moldova and Bosnia and Herzegovina candidate status. And it launched the process to open accession negotiations with Albania and North Macedonia, while also becoming open to granting Georgia the status of candidate country conditional on reforms. So, let me conclude. A series of shocks have dramatically changed the global landscape in recent years. And today, rising geopolitical tensions and weakening global trade mean that economies in the CZ region need to build a new foundation of resilience. But the record of past crisis has already demonstrated just how resilient CZ countries can be. Despite an exceptionally difficult 2022, the prospects for the CZ region are encouraging. There are clear structural strengths that stand to benefit CZ economies in the medium to long run, such as well-educated workforces and strong ties with Europe. So, the task ahead is how to channel that spirit of resilience to counteract these new uncertainties. And by leveraging our regional strength and further deepening our economic and political ties, I have no doubt that Europe and the economies in the CZ region can flourish together. Thank you for listening, and I hope that you enjoy today's proceedings.