Then, I would like to talk about the current situation of and outlook for Japan's economy, as well as the Bank's stance on monetary policy going forward. I.
*  *  *  Ladies and Gentleman, It is a pleasure to have the opportunity to speak at this prestigious forum today. The first round of the meetings of “Círculo de Economía” took place exactly 50 years ago (in 1961), constituting a very unique event in Spain at that time.