To preview my conclusions, I am fairly optimistic about the current state of the economy. Along many dimensions, it has been quite some time since the economic environment has looked as favorable as it does now.
*  *  *  Good morning ladies and gentlemen, I would like to welcome you very warmly to the Bundesbank’s TARGET2 conference organised as part of Euro Finance Week. Today’s conference will focus on two topics: the new TARGET2 system, launching in exactly 369 days from now, and recent developments in European securities settlement.