under the auspices of the ecb. the bundesbank is unhappy with this arrangement, as it gives rise to potential conflicts of interest between monetary policy and supervision on the governing council. as klaas knot put it, “ letting banking supervision get started within the ecb so that it at least gets off the ground. ” however, i very much hope that this solution is not the final stage of development and that, in the medium term at least, the eu treaties will be amended to ensure a clear separation of monetary policy and supervisory responsibilities. in terms of the distribution of responsibilities within germany, it is crucial that the bundesbank remain firmly involved in banking supervision so that we can share our extensive expertise and utilise the findings from supervisory activities for other tasks. this is even more important since the bundesbank recently took on an even more significant role in the monitoring of financial stability in germany through the financial stability committee. in this context, we are also keeping a watchful eye on the situation in the real estate market, which is no doubt a topic in your discussions, too. for one thing, the crisis has once again underlined the risk of exaggerations on the real estate market. a recent bundesbank discussion paper 1 even concludes that the “ great recession ” of 2008 / 2009 and the weak recovery that followed were largely due to problems in the real estate sector and, moreover, that negative shocks on the real estate market have a more significant impact on the real economy than positive shocks. for another, there has been a marked rise in real estate prices in germany recently – by around seven per cent in major cities in the last two years, for example. however, the bundesbank does not currently perceive any credit - driven bubble. prieto, eickmeier, marcellino ( 2013 ) : time variation in macro - financial linkages, bundesbank discussion paper 13 / 2013. bis central bankers ’ speeches 3. 2 resolution mechanism to achieve its full potential, the single supervisory mechanism needs to be augmented by a single resolution mechanism ( srm ). as in the case of the ssm, a solution that satisfies the requirements of european law ultimately calls for an amendment of the eu treaties. this has been quite rightly been emphasised by federal minister of finance. essentially, the srm is an important embodiment of the principle of liability. after all, liability also means that, in case of doubt, it should be possible to

, awardees have included emerging talent, and it has also provided a platform for other established artists to showcase their work, including winston farrell, the late honourable edward kamau brathwaite, and esther phillips, barbados'first poet laureate. the value of this competition is also apparent through the number of repeat entrants it has received over the years, as well as by the fact that it continues to attract numerous first - time participants as evidenced by the submissions to last year's competition. 1 / 2 bis - central bankers'speeches for this we must thank the many frank collymore literary endowment committees over the past two and a half decades. to the current committee, ably led by mr. andy taitt, and to those who have sat on it in the past, on behalf of the central bank of barbados, let me say how much we appreciate your hard work and dedication, and we offer you our deepest gratitude. this competition is well placed for future growth and development. indeed, the recent change that allows for submission of applications electronically means that we can now receive entries from across the diaspora. we've already seen that taking place, and it is worth noting that last year's top entrant is based overseas. this year, we again received several foreign - based entries. this broadened talent pool underscores the quality of the competition and suggests that everyone entering it must " up their game " if they want to be successful. each of you finalists, regardless of what happens here tonight, has helped to foster the frank collymore literary endowment's legacy and in the end, it is barbadian literature which is the ultimate winner. in closing, i'd like to again thank all of the artists who submitted their pieces to the awards committee, and i congratulate all of the finalists and awardees on their achievement. and finally, to you, our audience, both here in person and online, i thank you for supporting these artists, this competition and the arts in barbados in general. cheers to 25 years! i look forward confidently to another quarter century of outstanding literary work. i thank you. 2 / 2 bis - central bankers'speeches