##ries of this project, will jointly succeed in doing so. i am also convinced due to the successful cooperation between the two institutions so far, which was proved as very effective in preventing the occurrence and spreading of counterfeit money in the territory of our country, and because of our readiness to continue to tackle the challenges in this segment of our work in future, as well. the commitment of the national bank to move safely along the way to the european system of central banks, constantly following european standards and practices and promoting all segments of its operations, is one of the main strategic goals. that ’ s why i assure you that with the same level of professionalism and commitment that we approach other challenges, we approach also to the implementation of this project, giving our maximum contribution in the implementation of the activities that will have to follow after it is finalized. we sincerely hope that soon after the country ’ s admission to the eu, the integrity of the euro will be protected along with the integrity of the domestic currency. actually, that is the reason that the law on the national bank already incorporates provisions that regulate the tasks and powers of our institution from the date of our country ’ s accession to the european union, as well as the tasks and powers that we will have after the introduction of the euro as a national currency. 1 / 2 bis central bankers'speeches hence, this project and its success are perceived as a long - term key investment in a significant segment of our operations. in the long run, this project will simultaneously be an investment for improving the operations not only of the national bank and the ministry of interior, but indirectly also of other institutions that are actively involved in the system for fighting counterfeiting money : the customs administration, the financial police office of the ministry of finance, the public prosecution office and the judicial authorities. i believe that after the implementation of this project, our interinstitutional cooperation in the field of monitoring and prevention of counterfeiting banknotes and coins will be further developed. i believe that very soon after the completion of the project activities, we will jointly state and announce that our national system for fighting counterfeit is at a higher level, compatible with the systems of the eu member states. at the end of my speech, i would like to emphasize that i am pleased that our twinning partners in this project are two older eu member states – germany and austria. having in mind that they are direct participants in policy making, overcoming all the challenges associated with the

jean - claude trichet : structural and financial reforms in europe in a global economic environment speech by mr jean - claude trichet, governor of the banque de france, at the international securities market association meeting, held in paris, on 16 june 2000. * * * ladies and gentlemen, it is a great pleasure for me to take the opportunity of this isma meeting in paris to present some views on how european economies have entered a new era with the introduction of the euro. first, i would like to elaborate on the pace of structural reforms, which have already produced tangible and positive effects on the growth rate in the euro zone. second, i will focus on the integration process which is under way in financial markets across the euro area. 1. the euro area may expect a long phase of steady economic growth sustained by the strong pace of structural reforms : further liberalization, increasing labor flexibility and government budgetary discipline liberalization based on privatization, deregulation and transparency has been a success the time is long past when a significant portion of the european economy was controlled through various government bodies or regulations. the liberalization movement, which accelerated substantially with the development of the european union and principally the completion of the single market, includes three aspects : – a significant privatization movement, which has spread throughout all of europe. since 1990, europe ’ s governments have sold more than $ 200 billion worth of state companies. this movement was particularly important in italy, france and germany, where sales represented almost three - quarters of the total amount. the change in ownership has paved the way for corporate strategies benefiting from an open access to financial markets. – another force at work in europe is deregulation. the change is particularly noticeable in several key sectors such as telecommunications, transportation, the power supply industry and, of course, the financial sector. this movement has prompted a rapid response from regulatory bodies to monitor the introduction of market rules and ensure the appropriate functioning of fair competition throughout the entire european union. today, this institutional framework appears quite appropriate against a background of in - depth restructuring and numerous mergers and acquisitions all across europe. – moreover, the liberalization required for the single market endeavor has been accompanied by an increasing need for transparency and accountability, which has brought substantial changes in corporate practices. more detailed rules of disclosure for financial information and competitive offers for public procurement programs have been implemented throughout a large part of europe. this phenomenon has enhanced the overall efficiency of the european market economy. a second series of reforms has resulted