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[Music] good afternoon and welcome to our online seminar on the emergency liquidity assistance in the Euro system my name is fiesh Lazar Im the scientific coordinator of the Florence code of banking and finance and its a real pleasure as always for me to welcome you all to todays online seminar I think its fair to say that emergency liquidity assistance is a absolutely fascinating topic one may argue that it is one of the unfinished business of the European monetary union and this has become particularly obvious ever since the Banking Supervision function whats uploaded to the central level to discuss this today in in depth and in more detail Im very glad to be in the company of Professor Christos God sauce or elite speaker of today and off professor constancio todays commentator welcome to both of you before entering into the fascinating discussion I would like to inform you a bit more about our schools upcoming activities in just a few minutes really as some of you already kn