 2021 has been a unique year, a year like no other, just like 2020 was on the way down, but 21 is rather on the way up. Alongside with European leaders and national governments, the ECB has continued to work to protect people and businesses from the economic effects of the pandemic. Successful vaccination campaigns have allowed the recovery to take hold. Jobs are now growing robustly and the outlook for economic growth looks strong over the coming years. We have also made further progress towards achieving our inflation target of 2 percent over the medium term. We're not quite there yet and there is still uncertainty in the near term as the spread of the Omicron variant in recent weeks has shown. We're also seeing some headwinds to the recovery. Energy prices in particular have gone up significantly. Shortages of material, of equipment and labour are affecting some industries as supply struggles to meet higher demand. These factors are pushing up inflation, which has been a heavily discussed topic in recent months at the ECB and way beyond. I know that these rising prices are painful and I am concerned for those who are suffering from them. But we see inflation falling over the course of next year and we expect it to settle below our target in 2023 and 2024, closer but still a bit below. So more work on that front and we will do it and we'll stand ready to act one way or the other. In early 2022, we will also be celebrating a special milestone, 20 years, 20 years since the euro made its way into your pocket with the launch of euro cash. I look to 2022 with hope and optimism, optimism that our economies can continue their recovery and our livelihoods can return to more normal. We will overcome this crisis working together to tackle the challenges that come our way. So I wish you a merry Christmas if you celebrate it, happy holiday period and above all a happy and more importantly a healthy start in the new year to you and you loved ones. Happy new year.