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David Beckworth: Our guest today is Ulrich Bindseil. Ulrich is currently Director General of the Directorate General Market Operations at the European Central Bank, in November, will become Director General of Market Infrastructure and Payments at the European Central Bank. Ulrich has written widely on central banking operating frameworks including a textbook, and is considered one of the world's leading authorities on operating systems. He joins us today to talk about central bank operating frameworks. Ulrich, welcome to the show.
Ulrich Bindseil: Thank you David. Thank you for inviting me.