recent tightening of banking regulation through basel iii and the envisaged rules governing sifis create new incentives to offshore business to the unregulated areas of the financial system. 5. conclusion ladies and gentlemen, to sum up : the recent agreement to gradually but significantly tighten the capital requirements for banks represents a decisive step forwards in restoring financial stability. this is not enough, however. what we also have to do, in particular, is – to curtail the systemic risk emanating from sifis as effectively as possible ; – to embed awareness of systemic risk in the entire framework of oversight and resolution, and to complement traditional single - entity supervision with a macroprudential component ; and – to widen supervisors ’ focus through transparency requirements directed particularly at the shadow banking system. thank you for your attention! see federal reserve bank of new york staff report no 458, shadow banking, july 2010.

johannes beermann : back to the roots - cash and its core functions remarks by dr johannes beermann, member of the executive board of the deutsche bundesbank, at the international cash conference, munich, 10 september 2019. * * * 1 introduction good morning ladies and gentlemen, it is a great pleasure to welcome you to this year ’ s international cash conference. as the member of the executive board of the deutsche bundesbank responsible for cash management, i am particularly delighted to see the active research agenda that all of you are pursuing in the field of cash. this made it both difficult and easy for us to put together this year ’ s programme. easy because we had many contributions to choose from, and who doesn ’ t like choice? difficult because who said that making choices was easy? i would like to thank all of my colleagues from the directorate general cash management who have helped organise this event or who are taking part as presenters. also, i would like to wish a particularly warm welcome to our keynote speakers, lars feld and bill maurer. we greatly value the insights that you are bringing to this year ’ s conference and i look forward to being part of the discussion with you in the panel soon. today ’ s first session especially benefits from the contributions of our guest of honour, de nederlandsche bank. the dutch central bank is one the leading institutions with regard to research in the field of cash management in the eurosystem and i look forward to hearing more about the various links between research and operational aspects. no doubt, there is currently a rather active strand of research into distributed ledger technologies and various forms of digital money. this interest is no longer confined to rather small it start - ups. central banks and international organisations are increasingly forming innovation labs to better understand how these technologies could be of “ use to the greater public ”. so far, these endeavours have been largely confined to conceptual proofs of concept and explorative, mostly theoretical considerations. but they are important, and research into cash is bound to benefit from these insights as well : the closing session on thursday will give us a first glimpse of the neurometrics applied to banknote design and the potentially digital future of cash. as exciting as these new technologies may be, a key insight that i have taken away from the discussions i have had over the last couple of years is that people care a lot about the coins and banknotes they keep in their pockets. cash is something that everyone understands and