for collateral exchange. rates move from above to below the deposit facility. for many securities, demand has become so strong that counterparties searching for that security agree on a repo rate that is less favourable than the central bank ’ s deposit rate. 2 let me briefly touch upon our asset purchases. certain factors, most notably new regulations, have led to increased bond scarcity and consequently to an increased share of bonds that trade “ special ”, especially ahead of reporting dates. in order to support the smooth implementation of the public sector purchase programme as well as the liquidity and functioning of the euro area repo market, in december 2016 we introduced the option of borrowing securities against cash collateral. this technical amendment, along with some others, made our facilities more accessible and was one of the contributing factors to the subsequent improved repo market conditions. in 2017, and even more so in 2018, we generally observed lower repo market tensions ahead of quarter - ends and futures delivery dates. the ercc ’ s recent report concluded that the 2018 year - end in the repo market was relatively uneventful, and we at the ecb share this assessment. conclusion let me conclude. in just 20 years, the euro has become the second most used currency in the world. its global success relies on a large, stable and efficient economy, as well as a financial system that is attractive to international users and investors. in its provision of safe and efficient financial market infrastructure services, the eurosystem plays an integral role in strengthening the international role of the euro. our current activities – the consolidation of target2 and t2s and the mobilisation and management of collateral through the development of the ecms – are the cornerstones of the eurosystem ’ s ambitious agenda up to 2022. all these enhancements will help improve the functioning of the repo market, responding to some of your concerns on the post - crisis context, with the effect of allowing greater and more fluid movement of payments, securities and collateral across europe. 4 / 5 bis central bankers'speeches i therefore strongly encourage the post - trade industry to embrace the collateral management harmonisation agenda and to start preparing already for its implementation. efforts will be required from all of us, but the ultimate goal of efficient harmonised collateral management will greatly benefit europe at large and support a truly single financial market in europe that will underpin european autonomy in the globalised world. 1 see ecb ( 2018 ) : the international role of the euro –

, the governing council today approved the principles governing the way in which counterfeit euro banknotes will be handled. further details are provided in a separate press release which is to be issued to you this evening. the governing council has also agreed on the approach to be used for estimating the number of euro banknotes to be printed before the launch date of 1 january 2002. the quantity of euro banknotes to be printed will be determined by the number required to replace the stocks of national banknotes in circulation ( launch stocks ) in the participating eu member states together with the volume of the logistical stocks needed to ensure that the banknote changeover operates smoothly. it is currently estimated that up to approximately 13 billion euro banknotes will need to be printed before the issue date for the eleven participating member states. this estimate will be updated regularly as we approach 2002. a separate press release on banknotes is to be issued to you this evening. finally, the governing council also addressed the following matters. first, with regard to statistics, it was agreed to publish an addendum to the document entitled the “ money and banking statistics compilation guide - guidance provided to ncbs for the compilation of money and banking statistics for submission to the ecb ”. the addendum covers the treatment of both money market paper and bill - based lending within the harmonised framework for money and banking statistics. the original compilation guide was published by the emi in april 1998. second, the governing council took stock of the current state of affairs with regard to the testing of critical escb systems and procedures in the run - up to the start of stage three. the escb has just commenced a general “ dress rehearsal ”, i. e. a final testing phase for all escb systems and procedures. finally, looking a little further ahead to beyond the start of stage three, the governing council also agreed that a series of tests should be conducted during the course of 1999 in order to ensure that all escb - wide systems and applications are year 2000 compliant.