sense among us that the smp had run out of steam in terms of its effectiveness. ft all the top financiers were saying that they ’ ve got to have unlimited ecb capacity. of course, but the conditionality was crucial for winning support within the governing council, but even more important in berlin. md the decision was taken in total and full independence. certainly, conditionality, in a set - up like ours, is essential for two reasons. one is that it ’ s a form of a credit enhancement in the bonds issued by the country that applies for omt because the more it will comply with conditions, the more creditworthy will be its bonds. the second reason is that with any type of intervention, moral hazard has to be avoided and fiscal discipline, in particular, has to be ensured. that ’ s why conditionality is crucial, but it is only a necessary condition because in any event the governing council assesses independently the state of monetary fragmentation. let ’ s not forget our objective is fight financial fragmentation and deliver price stability. ft let me just go back to the political element. i respect what you ’ re saying about the ecb ’ s paramount independence, but, at the same time, you ’ re not monks in cells. you don ’ t sort of deliberate within the monastery and come up with something. md today most central banks are independent, headed by non - elected officials, and quite powerful. this set - up is acceptable only if independence is limited by the mandate. that ’ s the framework that legislators have given us – independence limited by our mandate. that ’ s why we are so keen about respecting the mandate, because that ’ s the true guarantee of our independence, which especially in the euro area set - up is crucial for our credibility. and credibility is essential for delivering price stability. ft surely it ’ s also important for you, though, that politically you ’ re seen to be within your mandate. md certainly and that ’ s why the ecb should be transparent and accountable. ft returning to the question of conditionally, there are important critics, particularly in germany, who say that it removes the incentive of governments to act. how do you counter that? md quite the contrary. conditionality makes sure that governments will make the necessary reforms and maintain fiscal discipline. ft let me rephrase the question. how can you restore enduring confidence if there is a high level of conditionality? i ’ m talking about a kind of

the public opinion. dear students, today is the day to celebrate for this achievement. today is the day to feel proud. your dream to successfully complete your studies has come true. now, many opportunities and alternatives await you. be courageous and wise to make your choice. wherever you are, whether in the public or the private sector, in albania or abroad, i urge you to show integrity, optimism and determination. i have only one piece of advice to everyone : never give up! live your life with courage and self - confidence! time rewards those who dream big and dare to see beyond tomorrow. this is the right way to build a better society, capable to 1 / 2 bis central bankers'speeches generate prosperity for the future generations. renounce the ambitions for a fast track to an undeserved career. it is a path that leads to a dead end. life is a journey of many unknown things and i assure you that in the long run, those that stand out for their professional ability, devotion and respect of human values, shine bright on the lifea€™s journey. concluding, i wish you once again every success and all the best in future endeavours. congratulations! 2 / 2 bis central bankers'speeches