Welcome address Welcome address by Isabel Schnabel, Member of the Executive Board of the ECB, at the third roundtable on euro risk-free rates Frankfurt am Main, 14 December 2020 Good afternoon and welcome to the third roundtable of the industry working group on euro risk-free rates. This year has brought unprecedented challenges on many fronts. Not least, it has forced us to transition to virtual modes of working. I very much hope that the public health situation will soon allow us to meet again in person. Despite the challenging circumstances, I am happy to see that so many of you have joined today’s virtual event, representing the full range of stakeholders from the private financial and non-financial sectors as well as the public sector.