from 1 october 2009, value capping was effected with all payments above kshs. 1 million being made through the real time gross settlement system ( rtgs ). this initiative will enhance the security and efficiency of high value payments. let me at this juncture thank banks, government ministries and other market players for their support in implementing value capping. the central bank will continue working with all concerned players to educate the public on value capping and to address implementation bottlenecks that may arise. 8. whilst initiatives to modernize the payment system continue, we remain cognizant of the cash based nature of our economy. the central bank is therefore reviewing currency management to ensure availability of “ clean money ” at a reasonable cost to kenyans. the bank is, in conjunction with the kenya bankers association ( kba ), exploring the establishment of currency centres. these centres are expected to reduce the operational costs incurred by banks in moving cash to existing central bank branches. this move is also expected to support the provision of “ clean ” notes and coins to kenyans across the country. pilot currency centres identified jointly with kba in nyeri, meru and nakuru are expected to be operational very soon once modalities are finalized. 9. ladies and gentlemen : as i draw to a close, let me briefly highlight developments in the bond market with regard to infrastructure bonds. the central bank successfully raised ksh. 18. 5 billion for the government through an infrastructure bond in february 2009. this bond has not only facilitated financing of the government ’ s infrastructure program but also set the pace for the issuance of similar bonds by corporate entities. 10. the recent successful bond issuances by kengen and safaricom are illustrative of this trend. the success of these bonds undoubtedly would not have been possible without the support of the banking sector. we look forward to this continued support including the recently launched second government infrastructure bond. this, coupled with automated trading in the nairobi stock exchange will be important for a vibrant bond market. 11. ladies and gentlemen : these developments are in line with core mandates of the central bank and also the policy drive provided by the vision 2030 blueprint. finally, as we draw towards the festive season, let me wish you happy holidays and a rewarding 2010. thank you and god bless you.

francois villeroy de galhau : france and germany facing european challenges in the crisis speech by mr francois villeroy de galhau, governor of the bank of france, at the berlin academy, berlin, 10 september 2020. * * * ambassador descotes professors schwan, goring, kaplan, ladies and gentlemen, i am very pleased to be with you today, despite the obstacles related to covid. the berlin academy is one of the essential forums where franco - german relations, which are at the heart of the european project, can be deepened over time. i am completely convinced of this. i am french, but my family's roots are in saarland. my family has lived there since the end of the 18th century and its ceramics manufacturing company villeroy & boch is part of the german “ mittelstand ”. i love germany, its language and its culture. i've always been struck by a difference in terminology : the french speak, as romantics, of the franco - german " couple ", and the germans speak as engineers and use the term “ engine ”. but let ’ s set cliches aside : france also has excellent engineers, and romanticism was also born in germany with goethe, and schiller. and above let ’ s all see the common reality. we are experiencing, i believe, one of those " franco - german moments " that will mark history, and we can now rightly celebrate it : on 18 may, a franco - german initiative on the european stimulus package ; on 21 july, a historic agreement by the european council in brussels on a eur 750 billion package, supported by a united franco - german alliance ; on 20 august, the chancellor visited the president of the republic in bregancon. despite any fears, faced with the threat of the covid crisis, germany has clearly and unequivocally opted for europe and the euro. however, in its early stages, the crisis appeared to distance us, due to our different abilities to respond, and sometimes in different orders. europe has once again demonstrated in this crisis that it is stronger than is commonly believed. i will concentrate here on economic matters, because that is where my competence lies. naturally, there are broader issues in europe, that are concrete and emotional : those of our borders, our institutions, our military and diplomatic power, and, in a wider sense, our common identity, which is apparent to our fellow citizens. the