We know that such a shift from coordination to common decision-making, from shared rules to 3/4  BIS central bankers' speeches  institutions, is necessary but it requires time. This should not be an excuse for inaction. Many of the basic steps for this to happen need to be taken now, namely designing an ambitious reform plan and building trust among all parties.
I am confident that you and the EU leaders will again play an instrumental role in moving this EMU agenda forward, so that we can deliver tangible results to mark the 20th anniversary of the euro. Thank you for your attention. I am now at your disposal for questions.