In addition, I have the pleasure to welcome colleagues from central banks in the United States, Japan, and obviously from Europe, who will present their views. Further, we are happy to have several speakers from the private financial sector. And last, but by no means least, from academe. Bankers certainly understand the same kind of language.
So let me say: I hope your attendance here, seen as an investment, will yield you a decent return. In opening this conference, I would like to stress that this is the first time that the Bank for International Settlements and the Deutsche Bundesbank have co-hosted such an event.