*  *  *  Ladies and gentlemen, Before I start my speech, let me thank Clearstream for hosting the 8th meeting of the T2S Advisory Group and Deutsche Bundesbank for providing a splendid dinner tonight. Two years ago we were in a position which was described by Hermann Hesse, a favourite poet of my youth.
“In order to achieve what is possible, you have to try the impossible.” I am very pleased to be invited to speak tonight because it gives me the opportunity to thank the AG and its sub-groups for the extraordinary work you have done.