the cbm constitutes an optimal communication mix to ensure a good reach of the public. this means research, advertising, direct marketing, public relations ( like this event today ) or addressing the vulnerable population. overall, around 500, 000 copies of publications will be distributed by the cbm or via multipliers – so more than the actual population. i am pleased to see that the recent euro barometer showed a steady progression in the satisfaction of the maltese with the adoption of the euro ( from 40 % in september 2005 to 64 % in june 2007 ). let me hand over the euro star to governor bonello to symbolically flag that the central bank of malta will join the eurosystem on 1 january 2008. we look forward to welcoming you wholeheartedly into the euro area. thank you very much for your attention.

. this has led us to adapt our communication, which is based on the intention to keep rates low for a prolonged period. given the low level of inflation, investors are anticipating a qe package between now and the end of the year. are they mistaken? our new long - term liquidity lending ( tltro ) programme, which will be launched in september, will in particular enable banks to address their major bond refinancing needs. as a result, the banks will not only be encouraged to lend more and at more favourable conditions, but they will raise less funding on the markets. this liquidity will be returned to investors, which they can use to buy other assets. so we shouldn ’ t be expecting a genuine qe package? last month we launched a package of measures that will be activated in september and december before being renewed on a quarterly basis. barring any new circumstances, we need to take time to measure the effects. when you talk about large - scale asset purchases, which assets do you mean, exactly? to be really effective, bearing in mind the limited size of the private capital market in europe, this type of programme is likely to include mainly government bonds. bis central bankers ’ speeches the new longer - term loans to banks are conditional on them granting credit. don ’ t you think they will use them to purchase sovereign bonds as in the past? they could do it to invest their liquidity on a temporary basis before finding a permanent home for it. the banks are aware that it is not wise to be over - exposed to sovereign debt. the link between banks and governments, which is what prompted the sovereign debt crisis, is now monitored very closely. the euro has not really fallen despite the fall in the key interest rates. is this a concern for you? we have noticed that following the new measures, a persistent rising trend has been halted. we are confident that when the new measures are implemented, they will underpin an accommodative monetary policy. the euro area needs such a policy – unlike other major currency areas, which are at a completely different phase of the economic cycle. and this rebalancing is likely to be reflected, over time, in the external value of the euro. a portuguese bank has triggered turmoil on the european markets. are the euro area and its banks still a cause for concern despite all the firewalls that have been put in place? the banking union that the european central bank is actively preparing for will