credible national fiscal plans need to be supplemented by broader changes to european economic governance and fiscal arrangements. we are in constant, intensive discussions with our european colleagues bilaterally and through the g - 7, the g - 20, the bank for international settlements and the financial stability board. as the bank has stressed repeatedly, the core challenge is to rebalance demand between advanced and emerging economies. to this end, the bank is investing in current g - 20 efforts to develop a framework for open capital flows, working with the fsb to devise and implement comprehensive financial reforms, and collaborating with our colleagues in the department of finance to guide the g - 20 framework for strong, sustainable and balanced growth. rebalancing will require significant changes to fiscal, structural and exchange rate policies across a broad range of countries. to conclude, the challenges in the current global economic environment are significant, but so too are the opportunities for canada. our corporations and governments have strong balance sheets, our financial institutions are among the most resilient in the world, and our economy can be geared to the future sources of global growth. to take advantage of these attributes, we will need continued, heavy investment to improve productivity and sustained, innovative efforts to develop new markets. for its part, the bank has a wide range of tools and policy options that it will continue to deploy as appropriate in order to ensure that canadians can seize these opportunities in an environment of domestic macroeconomic and financial stability. bis central bankers ’ speeches

” combination of security elements allows the creation of new and more complex effects. registered intaglio overprints of silkscreen printed motifs, special offset printed patterns and diffractive foils can enhance the security of existing elements. furthermore, blind embossing of other printed features produces layered, variable images. nevertheless, for the next series of euro banknotes we need at least one new level 1 security feature that can be used by the ordinary citizen in everyday situations. for instance, there are the newly developed “ transparent window ” techniques which allow the authenticity of a banknote to be checked quickly by simply altering the background and without giving one ’ s business partner the impression of mistrust, as would certainly be the case if one were to hold up the banknote to the light to check the watermark. finally, efforts have been made to use new technologies areas and to adopt them for banknotes. one potential solution for the future would be eg to have banknotes with liquid crystal displays for a variable alternating display of digits and letters in combination with power generating devices ( for instance solar cells ). a liquid crystal display ( lcd ) could, for example, allow a hidden text or image to be revealed by simply touching the banknote. other potential areas of interest are “ nano ” and laser technology. i hope to have provided you with an insight into some interesting new aspects of this topic. i also hope to have fulfilled my other aim which was to give you the correct impression that counterfeit money really is a key issue for the bundesbank. despite all these measures, however, no hopes should be nurtured that they will provide a definitive solution to the problem of counterfeiting. the same principle applies as with weapons and defence weapons : the latest sword calls for the latest shield. or to put it within the context of today's day and age : the most modern missile calls for the most modern antimissile system. preventing and combating counterfeits remains an ongoing task for the central banks. self - explanatory function : clear and easy to understand without the need for extra information, eg colour shift inks ; self - verifying function : a hidden feature becomes visible through the “ verifier ”, a special device integrated in the banknote such as fresnel lenses or polarisers. 5 / 6 in the ancient world, the famous athen ’ s statesman pericles ensured the prevention of counterfeiting. at