services and simultaneously a very efficient mean to deepen it. finally, i think that a lot of attention should be addressed to achieve the objective of supervisory convergence which the level 3 committees have to deliver. this objective is crucial for reducing the compliance costs for financial institutions operating on a cross - border basis. it is also relevant for promoting convergence towards best supervisory practices. the success of the supervisory committees will be very largely measured in terms of their capability of actually delivering the objective concerned. concluding remarks ladies and gentlemen, let me, in conclusion, repeat my main messages as concisely as possible. first, now a new period begins with less emphasis on new regulation and much more emphasis on transposition and enforcement of existing measures. second, the implementation of the lamfalussy framework is a unique opportunity to achieve consistency in the regulatory and supervisory framework across member states and therefore to have an effective level playing field for financial services. third, the working of a “ financial services rulebook ” is warmly and strongly supported by the ecb. and fourth, we will continue, as far as we are concerned, to work closely with the commission, policy makers and market participants and will continue to play the role of catalyst of private sector initiatives where it appears appropriate. thank you very much for your attention.

lucas papademos : economic outlook in the euro area statement by mr lucas papademos, vice - president of the european central bank, at the 2008 asia - europe ( asem ) finance ministers ’ meeting, jeju, korea, 16 june 2008. * * * introduction it is a great pleasure for me to participate in the asem finance ministers ’ meeting. in my statement, i will focus on the economic outlook in the euro area, with special emphasis on inflation prospects and risk, the monetary policy stance of the european central bank ( ecb ), recent financial market developments and our assessment of the outlook for financial stability. economic outlook the pace of economic activity in the euro area is expected to decelerate in 2008 and 2009 from the robust 2. 7 % gdp growth rate recorded last year. the eurosystem staff projections, published on 5 june 2008, foresee annual real gdp growth in the range between 1. 5 % and 2. 1 % in 2008, and between 1. 0 % and 2. 0 % in 2009. recent growth forecasts for the euro area by the european commission, international institutions and organisations and the private sector are broadly in line with the eurosystem staff projections. all in all, our latest assessment, based on the macroeconomic projections produced by the staff of the eurosystem, and our analysis of the most recent information, from data and survey indicators, confirms the expectation of moderate but ongoing economic growth. both domestic and foreign demand are expected to support gdp growth in 2008. the resilience of global economic growth, which benefits from the robust economic activity in emerging market economies, should support euro area exports. domestic factors, however, are expected to contribute the largest part of euro area growth in both 2008 and 2009. in particular, non - residential private investment is expected to provide support to economic activity, as capacity utilisation remains high and profitability has been sustained in the nonfinancial corporate sector. this outlook for economic growth is surrounded by continuing high uncertainty and downside risks prevail. the financial market turmoil could have a more adverse impact on the real economy than currently anticipated. in addition, further unanticipated increases in energy and food prices could have dampening effects on consumption and investment. there are also risks stemming from the possible emergence of protectionist pressures and from the still large, though declining, global imbalances. turning to price developments, the outlook for price stability in the euro area has deteriorated