Let me therefore start by thanking you all sincerely for the constructive dialogue we have had over the past years.

This legislative term has been shaped by crises – from the COVID-19 pandemic to Russia’s invasion of Ukraine, the energy crisis and renewed conflict in the Middle East. These challenges have required EU institutions, within our respective mandates, to take decisive action and to coordinate closely across policy areas to ensure that Europe emerges stronger and better prepared for the future.

Importantly, our two institutions have also used the past term to deepen our accountability relationship, which is essential for the ECB’s democratic legitimacy.

In my remarks today, I will first update you on our latest assessment of the…