This reflects the fact that a range of complex financial products linked to housing, in particular in the area of sub-prime lending, has amplified the impact on the real economy of what were not large changes in themselves. This, in turn, reflects the way in which these products were distributed and valued within the financial system.
I would like to start by congratulating the students on whom doctoral degrees are being bestowed today. You have earned the congratulations and good wishes of all for the ability and dedication you have shown in completing your doctorates, and we wish you every success and happiness in your future careers. By European and American standards, this is a young university.