Chairman, Ladies and Gentlemen,

It's a great pleasure to talk this morning at your impressive conference. The line up this morning makes clear that the European Barroso Commission works in closest harmony. I am delighted to have been invited to address you this morning together with our new Irish Commissioner Charlie McCreevy.

I will immediately use this occasion to give an additional compliment to the organisation, or better, to express an expectation I have. The work the European Savings Banks Group is doing in the area of integrating financial markets has always been of extremely high quality. You have contributed to the work of the Commission frequently. And this important conference is a prime example of your commitment. Recently, I had the luxury of receiving a 30 page contribution advising the Commission on the way ahead in the area of financial integration with extremely helpful suggestion.

It is clear that you are engaged in the integration process and that you are influential. For us you are an important partner, as the European Commission can not function without the views of the most important stakeholders and their experts being expressed.

In my key note presentation today, I will do three things. I will:

- look back and review the past years,
- reflect on what is going on now, and
- look forward to what the new years will bring.

In other words, exactly what you might expect anyone else to do in a December month