We are honoured to host an event that has become one of the most important opportunities to discuss macroprudential policy in Europe. I would like to thank the organisers, the keynote speaker, the contributors to the four sessions and the panellists for the roundtable that will conclude the conference this afternoon.
The papers to be presented today cover a wide array of topics and will help us to understand crucial features of the transmission mechanism of macroprudential policies. They take stock of the experience accumulated in recent years across the euro area.