? can the same procedure be applied later possibly to portuguese debt instruments? in these two cases the governing council of the ecb has taken into account the programmes the governments in these countries have set up with the imf – namely by the international community – and the european commission in liaison with the ecb. the bis central bankers ’ speeches programmes have been approved by the imf and the european institutions, and they incorporate strict conditionality. we took our decision on the basis of this strict conditionality. question : now markets know that the ecb will accept junk bonds as collateral. likewise, euro area governments have one incentive less to maintain an investment grade credit rating because they now know that the ecb will accept in an extreme situation their bonds regardless of their quality. did this softening of collateral requirements set a dangerous precedent? i repeat : the decision of the governing council was made on the basis of very strong conditionality of the international community. no government takes lightly the fact that it has negotiated a programme that implies very strong conditionality with the international community and the european institutions. question : once the sovereign debt crisis has been resolved, it may well take years before greece and possibility ireland have regained solid investment grade credit ratings. how is the ecb planning to exit from this softening of collateral requirements? again, strong conditionality and strict implementation of the adjustment programme. it is the sine qua non. at the end of the road stands the return to normal financing with market access. that is always the goal. question : you have a lot of experience of central banking within the european context. you first led the banque de france for ten years and now you are approaching the end of your eight - year term at the helm of the ecb. based on your experiences, what skills and abilities are an absolute must for your successor? i never comment on my succession. one has to consider what a central bank is. a central bank is an institution that is there to be an anchor for stability and to have a sense of medium and long - term direction. it should not depend on an individual. jean monnet said : “ nothing is possible without individuals ; but nothing is lasting without institutions. ” we are an anchor for stability in europe. what counts is the institution and the team. i have had the fantastic privilege of being part of a fantastic team. i like to use the metaphor of a football team : you have all the players on the field and among them is a captain

has been considerably enhanced and strengthened since 2008, its continued development should be ensured when necessary. we are ready to explore all options within our mandate to ensure we can continue to fulfil our responsibilities under the treaty, i. e. promoting the smooth operation of payment systems and ensuring the effective transmission of monetary policy, for which the stability of the centrally - cleared repo segment of euro money markets is crucial. 1 / 2 bis central bankers'speeches ( ii ) technical innovation let me now turn to the second point. how the financial ecosystem is experiencing rapid change due to technical innovation. the eurosystem is responsible for operating two of the systems that form the backbone of financial markets in europe, namely target2, the real - time gross settlement system for the euro, and target2 - securities ( t2s ), a service for the integrated settlement in central bank money of securities transactions. the smooth operation of these services is crucial for maintaining confidence in the euro and to support monetary policy operations. furthermore, it plays a central role in ensuring the stability of the european financial system and in boosting economic activity. the eurosystem market infrastructure is designed to meet the highest levels of safety and efficiency. efficiency covers multiple dimensions : of course it means low costs for institutions that use the infrastructure, but it also implies the opportunity for them to benefit from a range of functionalities that bring added value to the services offered along the value chain. the eurosystem is continuously looking for ways to improve the efficiency and lower the costs of its market infrastructure. it also considers how best to respond and take advantage of technical innovation and meet new user needs, while staying ahead of evolving risks such as cyber risk. in this regard there is also a need to assess if technical innovation can create opportunities to improve financial services. nevertheless, a certain level of caution is needed when technological innovations are applied to financial markets. for innovations to be used in the financial system an essential requirement is that they are proven safe in order to avoid any negative consequences. consequently, if and when innovations are proven to enhance the provisions of financial services without harming safety, they should be explored. ecb working as a catalyst for market integration as a public authority the ecb will keep a watchful eye on technical innovations and assess their possible impact on financial markets. we do this work together with standard setting bodies. the first condition is that innovations are proven to be safe before they find their way into the market. second, it is equally important