What is the most important component in your system.

I don't think there's any technical argument to oppose the appropriate combination of speakers and amplifier. Most sources and components will drive the succeeding stage competently with little deviation if some vague consideration it applied. Nothing needs to be paired as considerately as the speakers and amplifier. 

The Magico  speakers and everything else as well

Usually different opinions on questions like this. I've always said the source component and I could bring over my 8 track player with some tapes to show you how bad your system could sound.

Everything should be at the same level of quality or it is a waste of resources. (Having something not able to be as good as it can since other stuff is clouding the music) So I say the Synergy of the whole system is the most important.     
This ties in with knowing or being able to discover what component(s) is (are) ’holding back’ the rest of the system. In the past few months I upgraded my speakers and DAC.   For me, right now it is powercords.   MY last purchases of powercords were over six maybe seven years ago. So I bought a few new upgraded ones of my favorite brand, and wow yeah, they have improved. So I am buying a bunch of new ones.And I was surprised how much of an improvement from one step up better PC could be on just one place...On my setup(But tiny variations are always noticeable to AUDIOPHILES!!!)

@elizabeth .... Nice response.....And i agree whole heart.... Also its very interesting to see what everyone else thinks and says.