jean - claude trichet : euro star event to raise public awareness and facilitate changeover to the euro in estonia speech by mr jean - claude trichet, president of the european central bank, at the euro star event at the bank of estonia, tallinn, 19 september 2010. * * * dear governor lipstok, ladies and gentlemen, the introduction of the euro is a historic moment for any eu member state, and the euro itself is also a historic achievement for europe. indeed, the euro is one of the most tangible signs of the cohesion and mutual trust, among europe ’ s citizens. since its introduction back in 1999, the depth of feeling generated by the euro has been remarkable. a lot of the attention gained by the euro has been directed not only at the currency itself, but rather at the underlying strategic vision, of which it has become the symbol. the forthcoming enlargement of the euro area to include estonia demonstrates that the euro area is not a “ closed shop ”. its doors are open to the eu member state that fulfils the necessary preconditions in a sustainable manner. 1 january 2011 will become a landmark in the history of estonia, reflecting the long and challenging process of economic and monetary integration that has enabled estonia to join the euro area. the euro banknotes and coins are now an important and natural part of our daily lives. and this will soon be the case for the people of estonia. in preparing for the changeover, we have enjoyed excellent cooperation with eesti pank and the estonian government, working very closely also with the european commission. and this, i am sure, will make the introduction of the euro in estonia a success. today, eesti pank and the european central bank are launching the euro campaign estonia 2011, an extensive media campaign to help the people of estonia to become acquainted with the euro banknotes and coins, the security features of the banknotes and the changeover modalities. the campaign comprises tv advertisements, print publications, public relations activities, interactive applications for the internet and special support for the media. in total, we have four tv spots that will be aired from november 2010 to mid - january 2011, and these form the backbone of our communications activities for the general public. the first tv spot sets the mood of the campaign and familiarises viewers with the appearance of the euro banknotes and shows the gates and bridges featured on the banknotes. the gates symbolise the spirit of openness and cooperation in europe.

additional measures are being crafted and studied by the bsp to ensure the sustained soundness, stability, resilience, and inclusivity of the banking system amidst the ongoing health crisis. first, we need to ensure the long - run health of the banking system during and beyond the pandemic. thus, we are gathering data on the actual impact of the pandemic on the banks and on their clients. hence, we will review the use of regulatory buffers. the use of these buffers enables banks to absorb losses, expand lending operations and meet the liquidity needs of their clients, including msmes and people living in rural communities, without unduly impairing banks ’ long - term viability. second, to complement our regulatory and supervisory initiatives to mitigate the adverse effect of the covid - 19 pandemic, the bsp acknowledges the need to implement the following legislative measures : enactment of the financial institutions strategic transfer ( fist ) act. this will assist the financial system in performing its role of efficiently mobilizing savings and investments for the country ’ s economic recovery as well as its sustained growth and development. amendment of the new central bank act for purposes of strengthening supervision over financial conglomerates. the domestic financial system is dominated by financial conglomerates ( fc ) that span several financial sectors, including banking, insurance and securities. a better understanding of conglomerate risk is important for regulatory agencies to be able to mitigate impact of material issues on the financial system. strengthening of resolution powers to align with international standards. there is also a need to enact a law on recovery and resolution planning for banks to align the legal framework with international standards. lastly, with the continuous implementation of physical distancing and concern for safety, it can be expected that people will have greater preference to use electronic payment and financial services than conduct face - to - face transactions. hence, we need to adopt measures to quicken the use of digital platforms to deliver financial services. to expand the reach of digital transactions, we need to increase contactless payment facilities, such as paymaya and gcash, which can be expanded to include wet markets, retail stores, and public utility vehicles ( jeep, taxis, tricycle, bus ). the adoption of the national qr code standard ( “ qr ph ” ) must be expedited to enable interoperable payments for person - to - person ( p2p ) and person - to - merchant ( p2m )