*  *  *  Ladies and Gentlemen, dear friends and guests, It was fifteen years ago, in May 1998, that the first Executive Board of the European Central Bank was constituted and commenced its work in Frankfurt. This anniversary is passing almost unnoticed. Some may say this is not a good moment for cheerful celebration.
Indeed we have little room to pause as we are confronting new challenges every day. Nonetheless, I would like to take a step back and start off my remarks with a tribute to the founding fathers – and founding mother – on the Executive Board of the ECB. They have set us on the right course.