Second, the yield curve, while no longer inverted, is still relatively flat, giving investors little incentive to hold longer maturity assets. Third, stock market volatility is elevated, making the liquidity and safety of money more attractive. Fourth, individuals apparently built up M2 balances to a greater extent than in earlier years to make January tax payments.
Conclusion Thus, to conclude: we have a full and multifaceted agenda today on a topic which, in many ways, lies at the heart of the European project: how to achieve our aim of promoting financial integration in these fast-changing, uncertain and digital times. Once again, I warmly welcome you all, and kindly invite Mr Guersent to take the floor.