the federal reserve bank of kansas city, jackson hole, wyoming, august 25 – 27, 2005. d ’ italia in this domain, as shown in the paper by angelini, neri, and panetta 12 which has been presented at this conference. i look forward to further research on this new dimension of macroeconomic policy. if research on new topics has some form of diminishing returns, the first good papers in this area will have huge visibility and numerous citations. i know that the brain power in this audience is first class. let me tell you that if you ever dreamt of having an impact on the design and the implementation of economic policy, this is the time. your inputs are badly needed! paolo angelini, stefano neri, and fabio panetta ( 2010 ), “ monetary and macroprudential policies ”, banca d ’ italia, mimeo.

willem f duisenberg : tacis “ central bank training ” contract project introductory statement by dr willem f duisenberg, president of the european central bank, on the occasion of the signing of the tacis “ central bank training ” contract and of a protocol between the european central bank, the delegation of the european commission in russia and the central bank of russia, moscow, 13 october 2003. * * * it is a pleasure for me to be here in moscow today. while the european central bank is among the youngest central banks in the world, we have been actively setting up working relations with foreign central banks since our establishment in july 1998. in particular, we have already established contacts with the central bank of russia, the central bank of a prominent country in what we call the " euro time zone ". in this context, i should like to stress that today's signing of the tacis " central bank training " contract and of the related tripartite protocol mark a crucial step in the co - operation between our institutions, which i very much welcome. this brings me to the tacis project funded by the european union for the training of around 400 experts of the central bank of russia over 24 months. our project will concentrate mainly on the areas of banking supervision and regulation, inspection and licensing, as well as bank rehabilitation. there are two main points that i would like to emphasise : first, the eurosystem's approach to the tacis project and, second, the focus on the important issue of banking supervision. first, the eurosystem – which comprises the ecb and the euro area national central banks – is fully committed to the tacis project. the project, which will start on 1 november, will be implemented jointly by the ecb and nine national central banks ( ncbs ) of the euro area ( the central banks of austria, finland, france, germany, ireland, italy, the netherlands, portugal and spain ) on the basis of what we call a " eurosystem approach ". by " eurosystem approach ", we mean the following. the project will be co - ordinated by an ecb team consisting of mr. boris kisselevsky, who will be the project co - ordinator in moscow, and mr. michael olsen, senior financial supervision expert, and an administrative assistant in frankfurt. the ncbs as well as the non - central bank supervisory authorities of the united kingdom, finland and sweden will provide the experts for