I would also like congratulate the organisers on having the foresight to choose, as long ago as last year, a topic for this conference which would prove so timely and interesting in the current environment! The conference programme is notable for both its diversity and its topicality.
This is a testament to the work of the ECB-CFS research network and represents a successful collaboration on research in the area of financial market integration and international linkages. The Centre for Financial Studies conducts and facilitates excellent independent and internationally-oriented research on financial markets, financial intermediaries and monetary economics, and the promotion of dialogue between academia and the financial community.