*  *  *  Ladies and Gentlemen, Since last autumn, monetary policy in the euro area has been faced with a scenario of very low inflation inconsistent with the objective of price stability, in a setting of persistently modest and uneven economic growth.
And let me convey on behalf of Chair Powell, the Board of Governors, and the Reserve Bank Presidents, a sincere and deep appreciation to all the participants on this program, especially the authors of the seven outstanding papers, for the time, thought, and energy that went into preparing their contributions.