manner so that private agents are in the best possible conditions to gauge the likely evolution of interest rates in response to economic developments. first of all, the ecb is very clear about its monetary policy strategy. in addition, the ecb informs the public through the monthly press conference held just after the first governing council meeting of the month where the economic and monetary diagnosis of the ecb and the decisions taken by the governing council are displayed and explained almost in real time. the ecb has been a pioneer in this domain and has been followed by other central banks keen on increasing the transparency of their actions and decisions. this transparency is one further element contributing to macroeconomic stability and long - term growth. in an environment where the predictability of interest rates movements and their likely relation with key macroeconomic developments is relatively high, firms can better manage their balance sheets. this reduces both their vulnerability to economic shocks and their risk management costs and creates the condition for better decisions as regards domestic and foreign investment. finally, i would like to stress the importance of maintaining price stability in enhancing the functioning of the labour market and contributing to sound nominal wage developments and competitive unit labour costs, which fosters firms ’ competitiveness, growth and job creation. in a credible regime of low inflation workers do not ask for extra - wage increases to compensate for inflation risk and firms and trade unions know ex - ante that firms will not be able to pass higher wages on to consumer prices. this helps to avoid excessive nominal increases, thus enhancing the ability of firms to efficiently manage their production costs and create new jobs. at the current juncture, it is important that there are no second round effects on wage and price settings arising from the recent increase in oil prices. such effects have not been observed till now. all economic agents know without any doubt that we are very vigilant in this respect ; and we trust that it is this vigilance and our credibility that are decisively contributing to prevent second round effects. the role of a stability oriented fiscal policy of great importance for the maintenance of macroeconomic stability and long term growth are sound public finances. the stability and growth pact, which complements and further specifies the eu treaty, provides a set of rules for the national fiscal authorities with the aim to ensuring fiscal soundness, by avoiding excessive deficits and safeguarding government finances, as defined by the attainment in the medium - term of budgetary positions “ close to balance or in surplus ”. far from being a straightjack

started circulating in may last year. as i ’ m sure you ’ ll agree, the note you ’ re going to see is instantly recognisable as a ten. it certainly resembles the ten euro notes you have in your pockets, with its distinctive romanesque architecture. however, perhaps it will have more of a visual impact, as the images are larger and more defined, the colours are stronger and the bridge has added depth. when you take a closer look you ’ ll see the new ten has the same new features as the new five : a portrait of europa – a figure from greek mythology – in both the hologram and the watermark, as well as the emerald number, which changes colour from green to deep blue when you tilt the note. introducing a new banknote, especially one used as much as the ten, is a major undertaking. it requires a lot of planning and preparation to gradually replace the two billion or so ten euro notes currently in circulation. i would like to thank all who were involved in this process within the eurosystem. i would also like to thank the banks, retailers and other cash - handling professionals, who will, in the end, put those new notes in your hands. i know that banknote equipment manufacturers and suppliers are already working hard to ensure that the bis central bankers ’ speeches machines are adapted in good time so that the introduction goes smoothly, and i want to thank them as well for the vital part they play. we are announcing the date of issuance and are sharing the required technical information well in advance to give all parties enough time to get ready. the new europa series ten euro banknote will start circulating on tuesday 23 september this year. and now it ’ s time to see the new ten euro banknote. bis central bankers ’ speeches