"My soul proclaims the greatness of the Lord, any my spirit rejoices in God my savior." With these words Mary first acknowledges the special gifts she has been given.
Above all other saints, she alone could truly rejoice in Jesus, her savior, for she knew that he who was the source of eternal salvation would be born in time in her body, in one person both her own son and her Lord.
"For the Almighty has done great things for me, and holy is his name." Mary attributes nothing to her own merits. She refers all her greatness to the gift of one whose essence is power and whose nature is greatness, for he fill with greatness and strength the small and the weak who believe in him.
She did well to add: "and holy is his name," to warn those who heard, and indeed all who would receive his words, that they must believe and call upon his name. For they too could share in everlasting holiness and true salvation according to the words of the prophet: "and it will come to pass, that everyone who calls on the name of the Lord will be saved." This is the name she spoke of earlier when she said "and my spirit rejoices in God my savior."
-- Saint Bede the Venerable from a homily