Let me summarize it, for the business people in the audience, with three rules, three basic rules.

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I am going to summarize my speech.

I'm going to try to condense this for you.

So let me summarize where we are.

And we managed to boil it down to nine.

And so just to summarize the result, well it turns out that yes, the different tasks are interdependent.

Even then, unfortunately, it's not possible to summarize each TEDTalk individually.

And I'm just going to summarize just a few of them very quickly for you.

So that's the let me wrap up, this is the package.

And it's my job, in the competitive process, to narrow this down.

So let me just give you a summary of what no take reserves do.

The operational features of the longer term refinancing operations can be summarised as follows

That's as close as I can come to summing that up.

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This occured during a previous hibernate and prevented it from resuming properly.

But, to cut a long story short, I quit school to pursue a career as a cartoonist.

The operational features of the collection of fixed term deposits can be summarised as follows

And if I could summarize that all up into one single sketch it would be this.

And then TED challenged me Philippe, can you shrink this lifetime to 18 minutes?

The operational features

their frequency non regular can be regular or The operational features of Eurosystem outright transactions can be summarised as follows

Simply put, the workforce is rapidly aging and there aren't nearly enough successors.

The operational features of these operations can be summarised as follows They are liquidity providing operations

It basically was about, if we were alive, we were going to laugh.

So let's do that. Let's think.

Let's get close to the machine again, shall we?

The world s current account balances must ultimately sum up to zero.

And if you want to summarize in one just single word, well, this is what we're trying to do.

And so, to boil it all down, simplicity is about living life with more enjoyment and less pain.

And I tried to sum this up in some kind of symbol that means something, to me anyway.

ECB The single monetary policy in Stage Three November 2000 of the main refinancing operations can be summarised as follows

limited number of counterparties for the collection of fixed term deposits .

ECB The single monetary policy in the euro area April 2002 of the main refinancing operations can be summarised as follows

they can take the form of liquidity providing or liquidity absorbing operations their frequency is not standardised

I said, Yeah, yeah, yeah, yeah, but come on, come on, come on.

And here we go. Here we go.

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There we go we're going on a mission.

Let's go to the movies, shall we? Yes, let's.

Let's have a drink, shall we? Yes, let's.

We will eat, and then go straight to bed.

The operational features of the issuance of ECB debt certificates can be summarised as follows

The operational features of these operations can be summarised as follows they are liquidity providing operations

The operational features of these operations can be summarised as follows they are liquidity providing operations