sovereign ’ s creditworthiness. the framework has been applied unchanged to all countries since 2010. but enhanced surveillance is not a programme and does not entail conditionality – i assume this is exactly why the government accepted it! it therefore does not comply with our framework. 2 / 4 bis central bankers'speeches that being said, the lifting of the waiver was a “ non - event ” for banks, as one greek bank ceo recently pointed out. greek banks have broadened their market financing and successfully shifted parts of their financing from monetary policy operations onto the interbank repo market. the significant increase in deposits during the summer months helped as well. overall, bank liquidity has been continuously improving. it is important that this trend is further supported in the period ahead. is the greek debt sustainable according to the ecb? we were wondering, if you consider it sustainable, why you couldn ’ t have included the greek bonds in the public sector purchase programme ( pspp – also known as qe ) for at least a few weeks after the eurogroup decision on debt measures, when the waiver was still in force. are you going to publish the ecb ’ s debt sustainability analysis? the agreement reached by the eurogroup on 22 june was a significant step towards restoring debt sustainability, especially over the medium term ( that is, until the end of the deferral period ). in the long term, we welcome the eurogroup ’ s readiness to consider further debt measures if there are adverse developments. indeed, downside risks to both macroeconomic and fiscal assumptions remain sizeable. as for the pspp, greek government bonds lost their eligibility on 21 august when the programme ended. at that point, the eurogroup ’ s debt measures had still not been ratified. in any case, purchases would have been very limited over such a short period. is there any chance that greek bonds could be included at some point in the future in the reinvestment phase of the pspp? how many years do you think the reinvestment of maturing securities will last? without a programme, greek government bonds are now treated like any other bonds for the purpose of ecb eligibility. once they regain investment grade status they could be included in all ecb programmes, subject to a governing council decision. as you know, we intend to reinvest the principal payments from maturing securities purchased under the asset purchase programme ( app ) for an extended period of time after the end of our net asset

gertrude tumpel - gugerell : towards a safer financial system intervention by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the us financial services roundtable, brussels, 28 june 2010. * * * ladies and gentlemen, i am very pleased to meet you today here in brussels to discuss the post - crisis regulatory agenda from a transatlantic perspective. the costs of the crisis have been tremendous on both sides of the atlantic. credit market related losses amount up to 731 bn. us dollar in the us and 272 bn. us dollar in the euro area. capital had to be raised due to the crisis of 519 bn us dollar in the us and 288 billion us dollar in the euro area. moreover governments on both sides of the atlantic have committed support to the banking sector of up to 28 % of gdp. so, there is no doubt that this crisis has come at the cost of substantially lower profits and great loss in overall income. therefore, looking at these facts makes one thing very clear : we have to come up with a global reform of the financial system, so to prevent such deep crisis from occurring again. indeed, it has been one of the key lessons from the financial crisis that financial stability in our highly interconnected financial system can only be achieved through globally consistent and concerted efforts. leadership of both public and private decision - makers in sustaining an intense international dialogue is therefore essential. today ’ s visit of the us financial services roundtable is a very welcome initiative by leaders of the financial services industry to this end. the extraordinary nature and consequences of the global financial crisis have demonstrated the need to reform the financial system. various weaknesses have been detected and under the aegis of the g20 a comprehensive set of measures have been agreed upon. it is envisaged to strengthen both macro - and micro - prudential supervision as well as to enhance the use of market infrastructure. these measures will need to be complementary and supplementary to one another in order to have the desired effect. for this an intense international dialogue is key. the global agenda for strengthening the financial system is very broad and i will not be able to cover all areas comprehensively today. i will therefore limit my speech to those areas of reform which are of particular importance. i will highlight some important areas as regards the regulatory reform, will touch briefly upon the supervisory reform and will then elaborate on the reform priorities in the area of market infrastructures. regulatory reform the crisis