well when you are thirsty. these are some of key issues which have prompted international best practices in the area of resolution regimes, and we are looking forward to understanding these from the historical examples and restructuring case studies that will be shared during the training seminar. the g20 and the fsb are calling on countries to undertake the reforms necessary to implement these standards. in uganda, this will require cooperation amongst authorities, that is, among the bank of uganda, the ministry of finance, planning and economic development, the insurance regulatory authority and the capital markets authority, to review business structures, legal powers, policies and operations to improve recovery and resolution planning as well as the mechanisms employed in resolution of firms. therefore, as a capstone, i am glad that the participants will also have the opportunity to do some handson decision making in the group exercises at the end of each day. over the course of the next three days, the team from deutsche bundesbank which includes mr. peter spicka and mr. martin pontzen, with their wealth of experience will be taking us a step further towards these areas. i believe that the seminar will be enriching as they share their experience in europe on relevant areas including the analytical tools for macroprudential supervision. of particular importance will be the section where the seminar goes into the details of international and european initiatives for developing efficient resolution frameworks for financial institutions and explains fundamental features of the german bank restructuring act. i hope that this seminar, bringing all the players in the financial sector together, will help to facilitate sharing of ideas and experience and will promote the development of an effective framework for the restructuring and resolution of financial institutions, especially sifis so as to safeguard financial stability in uganda. i am very grateful for the opportunity to have addressed you this morning. thank you very much. bis central bankers ’ speeches

international role of the euro will eventually hinge on the validity of the fundamental idea underlying its creation, namely the idea that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. such a belief, of course, lends itself to being challenged, as do all innovative concepts. money has indeed been the most typical expression of state sovereignty for centuries, so why should this not continue in the future? moreover, although the link between state and money was no longer seen as an intrinsic necessity, does economic and monetary union ( emu ) really work? today i shall first try to answer these fundamental questions relating to the “ domestic foundations ” of the euro. this will be helpful in providing a better comprehension of the international impact of the euro in three specific areas which, in my opinion, are crucial : • the use of the euro by the business community as an investment and financing currency in the global financial system ( market impact ) ; • the new role played by the euro area in the process of international cooperation ( first policy impact ) ; and • the importance of the euro for the process of regional integration in europe and africa, and the role that this process may play with regard to possible integration in other regions of the world ( second policy impact ). 1. the implications of severing the link between state and money the link between state and money can no longer be considered to be self - evident. indeed, there are three plausible alternative options. a first, nevertheless still hypothetical, option is the privatisation of money. this solution, the most radical, is now becoming conceivable - although admittedly still a remote possibility - as a result of technological innovation. as mervyn king, deputy governor of the bank of england, recently pointed out, electronic transactions in real time among individuals may someday replace central banks ’ monopoly over cash and bank reserves. this means that all economic agents would carry out final settlements without the need for clearing by the central bank. however, if such a new system were to develop, this would take some time, since the existing technology is far from being in a position to allow the real - time transfer of e - money from one individual electronic account to another. moreover, a development of this kind would not only mean the end of the link between state and money ; it would also mean the end of money as we understand it today. the fundamental issue is whether it would also mean the end of inflation.