The ESM, the euro area’s financial safety net, is a crucial player in Europe’s capital markets – and a crucial partner for us. Our personal collaboration for stronger markets, dating back as far as the high-level CMU forum of the European commission in 2019, has always been focused on building a competitive financing environment for the public and the private sector in Europe, strengthening our financial market infrastructure, and fostering retail investment. As engineers of the capital markets, at Deutsche Börse Group we are contributing the expertise and efficient, innovative infrastructure needed to achieve this.