of interbank markets and asset markets more broadly has though shown that there are certain key operational features that facilitate the implementation of monetary policy in such conditions. in order to distribute reserves effectively when the interbank market is impaired, central banks should be capable of providing access to collateralised lending operations to a broad set of counterparties against a broad range of collateral and on a large scale. whether those features should become part of the regular operational framework or are introduced on demand in distressed market conditions, is ultimately the choice of each individual central bank. the recent developments have provided also central banks with a wealth of information that has highlighted a number of weaknesses in the financial system, namely in the areas of transparency, valuation, risk management practices, and market functioning. the lessons learned affect also the way central banks mitigate risks in monetary policy operations. as regards the eurosystem, we are of the belief that our flexible operational framework, including the collateral component, has served us well until now, and has helped us to weather a number of tests, including the latest of a prolonged liquidity squeeze in a wide range of unsecured and secured markets. however, this does not mean that there is no scope for refinement and further enhancement. one very recent example is the fine - tuning of our risk control framework in the context of our bi - annual review of the adequacy of the risk control measures. the eurosystem needs to make sure that the collateral and risk control framework are monitored and adjusted over time to ensure that an adequate level of risk tolerance is met. this ensures that the eurosystem remains adequately protected against financial risks across time, which is an obligation for the eurosystem enshrined in its statutes. the results of previous reviews of the risk control framework were reflected in the 2004 and 2006 editions of the general documentation. in february 2004, different liquidity categories were introduced to better reflect the risks associated with different eligible asset classes. in 2006, specific eligibility criteria regarding asset - backed securities were established that excluded instruments such as synthetic cdos and cash cdos containing other synthetic tranches of abss. the 2008 biennial review introduced an additional set of risk control measures aiming at ensuring that the collateral continues to meet the eurosystem ’ s risk tolerance level, while allowing at the same time the effective implementation of monetary policy. the new risk control measures, communicated by the ecb on 4 september and entering into force on 1 february 2009 reflect, inter alia, improvements

the cbm constitutes an optimal communication mix to ensure a good reach of the public. this means research, advertising, direct marketing, public relations ( like this event today ) or addressing the vulnerable population. overall, around 500, 000 copies of publications will be distributed by the cbm or via multipliers – so more than the actual population. i am pleased to see that the recent euro barometer showed a steady progression in the satisfaction of the maltese with the adoption of the euro ( from 40 % in september 2005 to 64 % in june 2007 ). let me hand over the euro star to governor bonello to symbolically flag that the central bank of malta will join the eurosystem on 1 january 2008. we look forward to welcoming you wholeheartedly into the euro area. thank you very much for your attention.