and for the engineers and planners, really began, the work of optimising and reviewing the design, while at the same time moving stepby - step ever - deeper into detail with each new phase and passing month. i would like to thank the architect, professor wolf prix, his staff of coop himmelb ( l ) au and all planners and engineers for never giving up, for always fighting passionately for their design and for always finding a way to improve on the different aspects of the building. my thanks also go to drees & sommer, the external project managers, who supported our project team within the ecb in the coordination of all the major and minor details that need to be taken care of and resolved. a crucial situation occurred when the initial tender strategy failed and a new one, more fitting to the changing markets, had to be developed and implemented. as of today, with the start of the actual construction works, the main responsibility for the construction site has passed into the hands of our construction management company, gassmann + grossmann. throughout the last few years, all the parties involved have worked closely together with unfailing energy, determination and conviction to finally make this event possible today. the grossmarkthalle in itself has been yet another challenge : together with the historic preservation authorities of both the city of frankfurt and the state of hesse, our project team and the architect and planners, the structural engineers and restoration experts worked hard on every millimetre of the market hall to gain an insight into its current state, to discuss all details and aspects of its desperately needed restoration and how to convert such a building into an integral part of our institution ’ s premises. i remember one visit by my colleagues and myself to the site when thomas rinderspacher, the ecb ’ s project manager, showed me the new windows that had been developed to improve the insulation of the facade, while preserving the appearance of the old window frames. i am proud of all the work carried out. my fellow - members of the governing council and i were and are being informed regularly about the development and the progress of the project. we are aware of our being a demanding task - master, asking for a perfect building, as well as for sound and transparent processes on the way towards attaining it. we are simply aiming for the best possible building for providing a healthy and safe environment for our staff and visitors, while at the same time ensuring an efficient and effective functioning of the institution.

luck and a smooth construction phase. the laying of the foundation stone marks the start of the main construction works for the new headquarters of the european central bank. let me reiterate the different steps so far and take the opportunity to point out some of our main partners in this process so far. the project was initiated by the governing council under the presidency of my honoured colleague wim duisenberg in 1998 – and it is very sad that he cannot be here today. back then, when the ecb had barely been founded, none of us could really imagine just how much time and effort such a project would call for. the decision in favour of the chosen site was taken on the basis of a variety of criteria, such as the size of the site and its location on the banks of river main, as well as the fact that the ostend is a lively and well - functioning district close to the centre of the city of frankfurt. the size of the site – and of the building to come – has been chosen in view to possible extensions of the eurosystem and the european union, the former today encompassing 16 countries and around 330 million citizens, so as to be able to fit all ecb staff in the new premises on the site. i can remember the presentation of all the designs of the international ( urban planning and architectural ) design competition, the great variety of ideas from all over the world of how a european institution and a modern central bank should look like. and how the grossmarkthalle, a remarkable monument, would be integrated and become part of this institution. when deciding on the site in 2001, we aimed at preserving a building that was remarkable in its own time. i would like to thank anp, the consultants who prepared and organised the international architectural competition that generated so many ideas. the international jury, which was chaired by the ecb ’ s vice - president, lucas papademos, was the first body to face the challenge for awarding the prices to the most suitable designs. i would also like to thank the jury for their work and express my appreciation of their endeavours to find the right design for the task and the site at hand. deciding on the building that is required to serve the purposes of a modern central bank is a difficult task. i remember how my colleagues in the governing council and i became deeply involved in details when deciding on the final design at the end of the revision phase. it was only then that the real work for the architect,