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It is an honour to participate in this celebration marking the fiftieth anniversary of the Deutche Bundesbank. So much of what we have learned about good monetary policy is embodied in the actual historical monetary policy of this great institution. As a European, and on behalf of all European citizens, I believe that we owe a debt of gratitude to the Bundesbank for providing the foundation for the policy we are now continuing with the European Central Bank for the benefit of Europe as a whole.