the leadership of axel offered the best possible diagnosis to protect the stability of the german banking sector at the height of the crisis. nonetheless, the financial crisis has revealed serious weaknesses in existing supervisory arrangements both at the national and euro area level. in response to these shortcomings, the eu among other initiatives has created the macro - prudential european systemic risk board ( esrb ) in which the eurosystem is very actively involved. axel has generously devoted his time to the steering committee of the esrb as he has done for the financial stability board at the international level. the second task for which the eurosystem has to rely critically on the support of the national central banks is the implementation of monetary policy. this role comprises the conduct of monetary policy operations, the design and operation of payment systems and the provision of banknotes and coins. at several points in time the efficient and effective functioning of the infrastructure has been absolutely essential to the success of the euro. this was true in the very beginnings in 1999, it was true at the moment of the cash changeover in 2002 and it has been true most recently during the financial crisis. the eurosystem infrastructure has been exposed to a formidable stress test and it has proved its robustness throughout. again, bundesbank expertise proved immensely valuable, for example in the design of our new payment system target2 but also in the design of our non - standard monetary policy measures, most notably our covered bonds purchase programme, which as you know are a german innovation dating back to the time of friedrich des großen. their success over hundreds of years shows that asset - backed securities need not be toxic. pfandbriefe are a prime example of finance at the service of people ’ s well - being. therefore the governing council in may 2009 decided to lend its support to this asset class, following axel ’ s advice. damit komme ich zum schluss. beruht der erfolg des euro nur auf gluck? erlauben sie mir, darauf mit einem zitat zu antworten, das axel weber in anderem kontext zugeschrieben wird : „ nicht gluck – konnen! ” 1 „ und beharrlichkeit ” wurde ich in unserem kontext hinzufugen. das eurosystem ist fur die zukunft sehr gut gerustet

our credibility. the eurosystem clearly stands in the tradition of best practice in central banking – as exemplified by the bundesbank prior to the introduction of the euro. the eurosystem ’ s twopillar monetary policy strategy inherited the concept of the bundesbank monetary pillar – which my own previous institution, the banque de france had also chosen in january 1994 as soon as it became independent. the eurosystem ’ s two pillar strategy is built on the conviction that, in the medium to long term, inflation is a monetary phenomenon and that independent central banks have the strategy and the instruments to achieve price stability. the eurosystem ’ s track record proves that this important insight translates one for one to the monetary union context. i would like to take this opportunity to also express my gratitude, not only to axel weber but also to all bundesbank staff, for the commitment shown on a daily basis during the past twelve years and in particular during the financial crisis. the governing council of the ecb knows and highly appreciates the crucial contribution of national central banks to the smooth functioning of monetary union. the financial crisis has made more visible to a broader public the essential tasks that national central banks carry out day by day within the eurosystem. for the sake of brevity allow me to focus here on two such activities, and i am fully aware that there are many other tasks that equally deserve our full recognition. on both bis central bankers ’ speeches dimensions, the eurosystem benefited enormously from the bundesbank ’ s dedication to our common cause, and on both dimensions the bundesbank contribution found in axel its voice. the first task is financial supervision, the importance of which cannot be underestimated. for one thing, the information gathered in supervision has been particularly useful in the preparation of monetary policy decisions during the financial crisis. this has been especially true when and since the governing council of the ecb decided to introduce non - standard monetary policy measures to ensure the proper transmission of the monetary policy stance. the information also helps the governing council of the ecb assess the interconnectedness of national financial systems and vulnerabilities threatening financial stability in the euro area as a whole. in this context the bundesbank has done a crucial job in containing the fallout from the financial crisis. after the collapse of lehman brothers immediate and determined action was crucial to avoid a meltdown of the financial system in germany and the other euro area countries. the bundesbank under