communication, efficiency and stability. it is also an appealing and sophisticated design, which is easily readable and establishes a strong and unique identity in frankfurt ’ s skyline. the high - rise is a sculptural hybrid of two towers connected by an atrium. we felt that this multi - purpose atrium reflected the values of transparency and communication. we believe this project to be compatible with the city ’ s urban design concept for the whole river main area. the großmarkthalle itself is well preserved, both in terms of external visibility and its interior architectural articulation. the overall functionality of the design proposal, including workspace quality and fulfilment of technical requirements, was appreciated. overall, the members of the jury considered this project to be the most appropriate concept for the ecb ’ s future headquarters. the second prize was awarded to asp schweger assoziierte. this design makes a strong statement. it combines three buildings into one unified composition, which aggregates its constituent parts into a clear, simple structural entity. the building represents a new urban typology for high - rise buildings, which would ensure a unique and individual expression for the ecb. the occupants and visitors would be enveloped and inspired by the ecb. the architects propose replacing the concrete roof of the großmarkthalle with glazing. this modification is feasible and adds a new aesthetic quality to the overall appearance of the großmarkthalle. the contrast between it and the new buildings is striking. overall, the jury considered this project to have a strong identity. the third prize was awarded to 54f architekten in association with t. r. hamzah & yeang. through the contrast between the north - south axis of the tower buildings and the horizontality of the lower elements, this design offers a clear contrast to the east - west orientation of the großmarkthalle. the free - standing position of the historic building shows respect for the local urban environment. as a discrete high - rise cluster the project integrates well into the skyline : the orientation allows both openness to the river main, and visibility from the city centre. while elsewhere the best workplaces are located in the southern portion, here the multi - storey gardens are accessible to everybody. the idea of combining the climate concept with a public zone was found very convincing. overall, the jury judged that this design was efficient and commendable. 4. the

prevent mergers and acquisitions, at least until they became stock companies. • another factor that may slow merger activity is that the strategic trend among the vast majority of bank holding companies in the united states has been toward specialization focusing on core businesses or a core customer base, which in turn determines the type of products and services offered. in past years, some criticism has been leveled at the industry for announcing mega - deals in what was perceived to be a response to peer pressure, rather than compelling economic reasons. i ’ d like to think that the disappointing post - acquisition results of some of these unions have taught the industry to think more strategically, and to weigh more carefully all the pros and cons of pursuing such transactions. deciding what combination of traditional and new activities will best create long - term economic value for your customers and shareholders will be a leading challenge as you contemplate the future of your organizations. challenges for supervisors the continuing evolution of the financial services industry and a newly modernized legal framework also pose significant challenges to supervisors. what are the objectives of supervision in the twentyfirst century? how can those objectives be best pursued? let me say first of all that there is no easy, single answer to these questions. the modern financial marketplace is too dynamic, too complex. we at the federal reserve, along with our domestic and international colleagues, are working hard to devise a flexible, multi - faceted strategy that emphasizes prudence and problem prevention, compatibility with the market, and a close and cooperative working relationship between the private and public sector. with these priorities in mind, i believe there are three essential elements of a modern supervision framework - effective bank - level management, market discipline and official supervision. effective bank level management includes sound corporate governance, rigorous internal controls and effective risk management. together these elements represent the first and most important line of defense against potential problems. this is increasingly the case as the activities of banks and other financial institutions become more complex and more global. the second line of defense against financial instability is market discipline, which has become an increasingly important ally of the official supervisor. of course, effective market discipline is not possible without meaningful public disclosure and more selective additional disclosure to counterparties. while significant progress has been made in recent years, it unfortunately remains the case that disclosure practices have not kept pace with the rapid changes in banks ’ business activities and risk exposures, and how these exposures are measured and managed. for this situation to be fully remedied, notions of what is