to their local counterparts. i am happy to note that institutions present here today such as zambia national commercial bank, afrexim bank, pta bank, als capital and loita capital were all represented at the forum. i imagine that such fora are instrumental in structuring tangible financing agreements like the ones we are witnessing today. finally, i would, like to request all parties involved in the management of these facilities to ensure that the funds reach the intended beneficiaries and that controls are put in place to avoid abuse. the beneficiaries should also ensure that their projects are implemented effectively and expeditiously without any delay. in this regard, may i request the zambian mining services companies and the export fund of zambia to take necessary measures in a timely manner to fulfill the requirements for declaring these loans effective and for starting implementation. i would like to wish all those involved success in their management of the funds and implementation of the projects so that we can ensure that the development impacts expected from these important initiatives become a reality for the intended beneficiaries and the country at large. i thank you for your attention.

successful cmu. another reason for a limited “ cmu effect ” is that some of the agreed initiatives were only recently implemented. take the securitisation package, for example. important technical regulatory acts are still pending which prevent the new framework from being applied in full and are a source of uncertainty for those who would like to use it. it is therefore too early to assess the success of this measure. more importantly however, some proposals will not deliver their full potential. in the case of the pan - european personal pension product, the recent agreement gave birth to a rather complex product for which key elements are left to the discretion of member states. lack of ambition in the cross - border portability of the instrument may limit its capacity to facilitate labour mobility and the mobilisation of savings across borders in the absence of geographical diversification requirement for investments. this underpins the relevance of the cmu agenda for the coming years and the importance of making cmu a reality. revitalising the cmu agenda to face new challenges my second point today is that a revamped cmu agenda would help the eu to face up to new challenges. the departure of the united kingdom from the eu is undoubtedly one such challenge. as a response, cmu should continue to aim to develop and integrate the eu ’ s capital markets in a context in which capital market activities throughout europe are being reorganised. in the new post - brexit reality, we could see one or more financial centres emerge in continental europe, possibly in competition with each other, or perhaps each specialising in certain areas. cmu should facilitate this transition by creating a framework that supports the emergence of an integrated financial market and avoids a return to a fragmentation of activities. in this context, a successful cmu means that the continued expansion of the non - bank sector should be accompanied – rather than followed – by a revision of the prudential and supervisory 2 / 4 bis central bankers'speeches framework. importantly, we need to develop macroprudential policies for the non - bank sector at the system level to ensure that the system absorbs shocks, rather than amplifying exuberance and stresses. ultimately, this would warrant a discussion on a potential move towards more centralised supervision of financial markets. the recent reform of the european supervisory authorities falls short of adapting europe ’ s supervisory framework to the ambition of cmu. the review did not result in a broad revision of the powers and mandate of the esas,