Since this is the first time that a President of the European Central Bank has retired, I have no way of knowing if this is just standard protocol, or if it is something more. I hope it is not just that you are eager, as you  BIS Review 47/2003  1  said in your invitation, to “facilitate my departure”. I prefer to think that it reflects the warm relationship that has been built up among us during the past few years. I remember when it was first proposed to establish a Eurogroup, or “Euro-X” as it was then called. And I remember that some people said that such a group would be a threat to the ECB and its independence. Frankly speaking, I also had some doubts. I was proved wrong. As I have since said in public on various occasions, the Eurogroup meetings represent a “golden opportunity”; a golden opportunity for dialogue; a golden opportunity to be open, to be frank, to be honest, to criticise, and to listen. If you liken EMU to a house, then we are its family, and the Eurogroup is the dinner table. It is where the family members get together to tell each other what they are doing, to listen to each others advice, and learn to live together, as they must do, responsibly. Each member who joined this family did so on the understanding that his new house would be built on two stable pillars; not just a sound monetary policy, but also sound economic policies.
The staff, past and present should be proud of the useful contribution, you have made towards the steady progress the Bank has made in its quest to attain its mission of “achieving and maintaining price and financial system stability for balanced macroeconomic development”. Ladies and Gentlemen, this progress, has however, not been with any challenges. Among the challenges was, the Global Economic and Financial Crisis during 2008/2009, which adversely affected most economies. It is, therefore, of utmost importance that we reposition ourselves to mitigate these types of challenges should they threaten to recur in the future. Colleagues, this 50th anniversary celebration therefore presents us with an opportunity to reflect on the achievements and challenges of the Bank since its inception. You will recall from my “Town Hall Speech” to members of staff in January 2014 that going forward we need to work harder and build on the successes we have scored in the past, by focusing on enhancing productivity and accountability under what I termed “The New Bank We Need”. In repositioning ourselves, I would like to remind you of some of the tenets we need as the New Bank which include the following: 1. Productivity and accountability;  2. Strong team work operating under set values and ethics;  3. Open and effective communication among staff; and  4. Meeting targets and providing workable solutions.