and four million conversion cards, which show prices converted into euro as well as the most important security features of the 20 euro banknote, will be sent to all slovak households in december. the national bank of slovakia will be able to ensure that everyone will be well prepared for the euro changeover. i am confident that all of these efforts and activities will make the euro introduction a success in slovakia. as i arrived in bratislava i was most impressed with the facade of the national bank of slovakia and its banner showing the euro banknotes and coins, which is clearly visible from all over the city. governor sramko, it now gives me great pleasure to invite you to symbolically unveil what i believe is the biggest banner ever displayed in slovakia! to mark this festive moment, i am also very happy to hand over the traditional euro star to governor sramko to symbolise narodna banka slovenska ’ s joining of the eurosystem. i feel most honoured to open the euro exhibition, which houses a presentation of the euro banknotes and coins and contains interesting information about the euro for people of all ages. there are also many interactive games for children. i now declare the euro exhibition open! we very much look forward to welcoming slovakia into the euro area.

months – especially under the irish presidency – in its construction. however much remains to be done. announcement of action to build a banking union combined with the firm commitment of the ecb has contributed greatly over the past several months to the gradual but clear restoration of confidence in euro area financial markets. while it is not appropriate for me to touch on monetary policy issues today ( ahead of the ecb governing council meeting ), it is evident that ( with some exceptions ) sovereign spreads have generally declined in the stressed economies, not least in ireland, and this trend has held, even through the cyprus situation. the financial markets are counting on the completion of banking union. we must avoid that any easing of tensions in the markets leads to a slackening in the pace of reform. banking union, shifting supervision of banks to the european level, combined with a single resolution regime and a common system for deposit protection will reassure citizens and markets that a common, high level of prudential regulation is being consistently applied. together with greater fiscal and economic coordination it will help build the necessary trust bis central bankers ’ speeches between member states which is a pre - condition for the introduction of common financial arrangements the irish presidency has given top priority to the banking union files. at the central bank we have been heavily involved and a large number of my colleagues in the bank have been assisting in the discussions and negotiations around the large body of legislative reform that is associated with banking union. first the irish presidency brokered final agreement on the capital requirements directive and regulation ( crdiv ). this will greatly strengthen the capital and liquidity provisioning of europe ’ s banks and improve governance and remuneration practices. it is now expected to apply from january 2014. agreement has also been reached, following the informal ecofin held in dublin in april, on the single supervisory mechanism for banks in the euro area. this will transfer bank supervisory tasks to the european level and will provide strong and consistent supervision. preparations are well advanced within the ecb to take on this task as early as july 2014, depending on the formal implementation date. it has been a remarkable success to obtain agreement on this proposal within 7 months of its publication. attention is now focused on negotiations to agree a bank recovery and resolution directive. this would ensure that authorities throughout europe would have the means to intervene decisively when problems occur and that the costs of dealing with failing banks fall in a clearly defined order on the owners and creditors. ministers will discuss this text on may 14th and there