Good afternoon, and welcome to our press conference. We are here with President Lagarde and Vice President de Guindos. My name is Wolfgang Proissl. We're also joined by journalists via remote connection, so when you take the floor, I would ask you to turn on your cameras and your microphones. And with that, I would like to hand over to President Lagarde. President Lagarde, please. Thank you very much. Good afternoon. The Vice President and I welcome you today to our press conference. The Governing Council today decided to lower the deposit facility rate, the rate through which we steer the monetary policy stance, by twenty-five basis points. Based on our updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission, it is now appropriate to take another step in moderating the degree of monetary policy restriction. Recent inflation data have come in broadly as expected, and the latest ECB staff projections confirm the previous inflation outlook. Staff see headline inflation averaging 2.5% in 2024, 2.2% in 2025, and 1.9% in 2026, as in the June projections. Inflation is expected to rise again in the latter part of this year, partly because previous sharp falls in energy prices will drop out of the annual rates. Inflation should then decline towards our target over the second half of next year. For core inflation, the projections for 2024 and 2025 have been revised up slightly, as services inflation has been higher than expected. At the same time, staff continue to expect a rapid decline in core inflation from 2.9% this year to 2.3% in 2025 and 2% in 2026. Domestic inflation remains high, as wages are still rising at an elevated pace. However, labor cost pressures are moderating, and profits are partially buffering the impact of higher wages on inflation. Financing conditions remain restrictive, and economic activity is still subdued, reflecting weak private consumption and investment. Staff projections that the economy will grow by 0.8% in 2024.