gertrude tumpel - gugerell : start of the ecb / escb needs analysis programme in belgrade introductory statement by ms gertrude tumpel - gugerell, member of the executive board and of the governing council of the european central bank, at the press conference on the occasion of the signing of the protocol between the european central bank, the national bank of serbia, the european agency for reconstruction and the delegation of the european commission to the republic of serbia, belgrade, 1 september 2008. * * * mr radovan jelasic, governor of the national bank of serbia, mr ambassador lloveras, head of delegation of the delegation of the european commission to the republic of serbia, mr daniel giuglaris, head of the belgrade operational centre of the european agency for reconstruction, ladies and gentlemen, it is a pleasure for me to be here in belgrade today to mark the start of a programme that – i hope – will further the european integration project in the area of central banking. i would like to express my gratitude to the european agency for reconstruction and to the delegation of the european commission to the republic of serbia for supporting this programme, in which the european central bank ( ecb ) and 17 central banks of eu member states will be working closely with our colleagues at the national bank of serbia ( nbs ). speaking also on behalf of our central bank partners, i would like to say that we are very much looking forward to these coming nine months. later during this press conference i will confirm the commitment of the ecb and our partner national central banks to implementing the programme by signing a protocol which confirms the common goals of all stakeholders in the programme. the ecb and our partners in the european system of central banks have an interest in developments in serbia and in the western balkans in general ; these countries form what we call our neighbouring region. we share a common destiny with all of you, and we are being confronted with common challenges, for instance in the pursuit of monetary and financial stability. in order to achieve our common mandates of low inflation and stable financial sectors we need to make sure that some prerequisites are met, most importantly in terms of the complete independence of the central bank from political instructions, in order to permit a firm stability - oriented course of monetary policy. we also know that stability - oriented monetary policies need to be accompanied by coherent policy - making in other economic areas, above all in fiscal policy. this is universally true, in belgrade and

authorities have the tools needed to protect local markets, the fsb developed safeguards for global clearing. these safeguards mean that global ccps must : • provide fair and open access ; this does not preclude the development and use of a local ccp in the future. see the december financial system review for more details on the analysis : http : / / www. bankofcanada. ca / wp - content / uploads / 2012 / 12 / fsr - 1212 - chande. pdf. bis central bankers ’ speeches • be subject to effective co - operative oversight arrangements ; • have robust recovery and resolution plans ; and • have access to emergency liquidity in all relevant currencies. now, when it comes to otc derivatives, the most systemically important market for canada is the interest rate derivatives market ; and the largest global ccp for this market is lch. clearnet ’ s swapclear service, located in london. the bank is satisfied with the progress being made to implement the safeguards for swapclear and has joined a multilateral arrangement for oversight co - operation put in place on 14 december 2012 by the u. k. financial services authority. to be clear, the safeguards have not yet been fully achieved, in particular the development of recovery and resolution regimes for ccps. going forward, authorities in canada will monitor the implementation of the safeguards in any ccp that becomes important to the stability of canadian otc derivatives markets. canadian institutions have steadily moved their interest rate derivatives transactions to swapclear. 7 we expect this trend to continue as canadian banks satisfy the g - 20 ’ s commitment to central clearing. indeed, the progress is such that the bank of canada now considers swapclear to be systemically important, and it will become subject to bank oversight as of 2 april. designation, which the minister of finance agrees is in the public interest, gives the bank the authority and responsibility to assure itself that swapclear has appropriate and effective risk controls in place. the bank believes that the combination of co - operative oversight of swapclear and the tools that come with designation will provide the bank with the ability to effectively control systemic risk within this critical market and thereby improve the resilience of the canadian financial system. holding financial market infrastructures to more stringent risk - management standards the last area of reform that i want to discuss today is the new risk - management standards for systemically important financial market infrastructures