effective, regulation must be supported by strong supervision. the act expands the supervisory responsibilities of the federal reserve to include thrift holding companies and nonbank financial firms that the council designates as systemically important, along with certain payment, clearing, and settlement utilities that are similarly designated. reflecting the expansion of our supervisory responsibilities, we are working to ensure that we have the bis central bankers ’ speeches necessary resources and expertise to oversee a broader range of financial firms and business models. the act also requires supervisors to take a macroprudential approach ; that is, the federal reserve and other financial regulatory agencies are expected to supervise financial institutions and critical infrastructures with an eye toward not only the safety and soundness of each individual firm, but also taking into account risks to overall financial stability. we believe that a successful macroprudential approach to supervision requires both a multidisciplinary and wide - ranging perspective. our experience in 2009 with the supervisory capital assessment program ( popularly known as the bank stress tests ) demonstrated the feasibility and benefits of employing such a perspective. building on that experience and other lessons learned from the recent financial crisis, we have reoriented our supervision of the largest, most complex banking firms to include greater use of horizontal, or cross - firm, evaluations of the practices and portfolios of firms, improved quantitative surveillance mechanisms, and better use of the broad range of skills of the federal reserve staff. and we have created a new office of financial stability within the federal reserve, which will monitor financial developments across a range of markets and firms and coordinate with the council and with other agencies to strengthen systemic oversight. the federal reserve is committed to its long - standing practice of ensuring that all of its rulemakings are conducted in a fair, open, and transparent manner. accordingly, we are disclosing on our public website summaries of all communications with members of the public – including banks, trade associations, consumer groups, and academics – regarding matters subject to a proposed or potential future rulemaking under the act. we also have implemented measures within the act to enhance the federal reserve ’ s transparency. in december, we publicly released detailed information regarding individual transactions conducted between december 1, 2007, and july 20, 2010, across a wide range of federal reserve credit and liquidity programs, and we are developing the necessary processes to disclose information concerning transactions conducted after july 20, 2010, on a delayed basis as provided in the act. to conclude, the dodd - frank act is a

expectations. i would say the sequence is : independence, which is crystal clear and undisputed, triggers credibility, which in turn triggers the solid anchoring of inflationary expectations and permits us to deliver price stability. that is why we are so profoundly attached to independence. 30 ) mr juncker rebuffed you very strongly last week when he said “ i am mr euro for my competencies ”, leaving you saying you are mr euro for your competencies. do we have two mr euros in europe? answer : you are not at all quoting him exactly and i do not share your appreciation of what he said. the euro is a currency which is issued by central banks. the eurogroup is the college of ministers of finance. presiding over all ministers of finance of the euro area is a considerable responsibility. as far as i am concerned, on behalf of the governing council, i sign the euro banknotes. 31 ) but he said that he had responsibility as far as the competence of the finance ministers goes. answer : of course and it is an extremely important responsibility. 32 ) so we have two mr euros? answer : no. i have already responded to that question at the last press conference. 33 ) is the fact that stock markets heavily adjusted downwards recently a signal that economic growth is not doing well? answer : i would say that, on growth, as you know, we in the governing council extract from all information and signals that we are receiving what we would call the trend growth as we see it. that trend growth that we are extracting from those signals indicates that we are around potential in the euro area. this analysis was made at the end of 2005. we increased our rates in december 2005 on the basis of our economic and monetary analyses. in the economic analysis, it was clear for us that growth was reaccelerating and going progressively around potential. we maintained this analysis when we had somewhat disappointing information on growth in the last quarter of 2005, which we attributed to short - term volatility on a quarter - on - quarter basis. 34 ) did you maintain this sentiment also at the most recent governing council meeting in madrid? answer : we maintained this sentiment in madrid. we consider, again, that all the information we have from both surveys and from all other figures have to be replaced in a medium - term context and that they confirmed that we were around trend potential. 35 ) now that jurgen stark has taken over from otmar issing, the fears of