advanced economies, the ecb ’ s response was fully comparable with that of the other major central banks. thanks to its independence, the ecb has been able to adapt its policy response and reaction function. preserving this key asset will allow the ecb to adapt to future circumstances and ensure the effectiveness of its measures. this is all the more important considering that the desirability and relevance of central bank independence are increasingly being challenged around the world. as i argued in my introduction, the best way to preserve the ecb ’ s independence is to ensure a commensurate degree of central bank accountability. during the past eight years, our accountability practices have evolved and intensified in response to the quest for scrutiny that emerged from the crisis. 2 i have always appreciated the ability of this parliament to react to citizens ’ demands, support, concerns and channel them in a constructive manner during our discussions here. and i would like to personally thank you for this. i am confident that this parliament – and this committee in particular – will continue the good work it has done during my term as ecb president. this, in turn, will further strengthen the effectiveness of the ecb ’ s actions and citizens ’ trust in the eu project. thank you for your attention. i am now at your disposal for questions. 1 see draghi, m. ( 2011 ), “ hearing at the committee on economic and monetary affairs of the european parliament ”, brussels, 19 december. 2 see fraccaroli, n., giovannini, a. and jamet, j. - f. ( 2018 ), “ the evolution of the ecb ’ s accountability practices during the crisis ”, economic bulletin, issue 5, ecb. 5 / 5 bis central bankers'speeches

. according to jse statistics, the share of companies with dual listings increased from 14 per cent of all companies listed on the jse in january 2006 to about 24 per cent in july 2016. as such, harmonising settlement cycles across regions will help with better cash flow and treasury management, and thus facilitate better and more efficient allocation of capital. reducing systemic risk and contributing to broader financial system stability in addition to its primary mandate of price stability, the sarb is also responsible for protecting and enhancing financial stability. we consider financial stability to exist when we have a financial system that is resilient to systemic shocks, facilitates efficient financial johannesburg stock exchange t + 3 project overview and frequently asked questions, august 2016. bis central bankers ’ speeches intermediation and mitigates the macroeconomic costs of disruption in such a way that confidence in the system is maintained. the focus on financial stability is in line with the global trends where the regulatory community, in reaction to the global financial crisis, has been dedicating more effort and resources to reducing risk, achieving greater transparency and accountability, and improving efficiency in order to establish a safer market environment. a shorter - settlement cycle will foster a reduction of settlement risk and counterparty exposure by reducing the time period between trade execution and settlement. the faster delivery of cash and stock to the seller and buyer, respectively, allows for a reduction in the risk of financial loss, especially during times of financial stress. the level of interconnectedness or network structure of the various agents of our financial systems, within and across borders, speaks directly to the potential risks that may arise from poor or outdated risk management practices. however, if risk is reduced and continuous risk reduction strategies are being pursued, such as will be the case with the shorter settlement period in the equity market, then systemic financial crises are less likely to occur. increased market credibility and operational efficiency improving the attractiveness of south africa to international investors other benefits that this initiative promises to unlock relate to the improvement of the credibility and operational efficiency of the local market. these benefits should help boost south africa ’ s status in the global competitiveness rankings of the world economic forum ( wef ). the competitiveness rankings are informed by a number of pillars which are organised into three main stages of development, factor - driven, efficiency - driven and innovation - driven. each stage focusses on different market structure issues, i. e. basic requirements, efficiency enhancers and innovation and sophistication factors. financial market development,