. the rationale behind it is to avoid the risk of bank bail - outs by national governments, and for the private sector to bear the cost rather than the taxpayer. in the case of failing banks, the single resolution board may decide on resolution, to be covered by funds drawn from a single resolution fund ( €55 billion by 2023 ) that banks themselves pay into. any residual fiscal burden on sovereigns should be contained through a federal fiscal backstop. the missing link from the banking union structure is its third pillar. the commission ’ s 2015 proposal for a european deposit insurance scheme ( edis ) builds on the existing framework under the deposit guarantee scheme directive ( 2014 / 49 / eu ) which provides for a more uniform degree of deposit guarantee for all retail depositors. 2. 4 capital markets union since 2015, the european commission ’ s new flagship project is the creation of a capital markets union to build a single integrated capital market for all 28 member states. the capital markets union ( cmu ) is a plan of the european commission consisting of a mix of regulatory and nonregulatory reforms ( 33 measures in total ), aiming to better connect savings to investments based on a single rulebook that will create a level - playing field for the provision of investment services and offer private firms the possibility to raise capital through issuance of equity and debt anywhere in the eu. i should remind you that the european economy has been traditionally bank - based. it is indicative 15 / 17 bis central bankers'speeches that 70 % of capital raised in the eu comes from the banking system, compared with just 20 % in the us. so, the idea is to provide alternative sources of financing and more opportunities for consumers and institutional investors. for companies, especially smes and start - ups, the cmu means accessing more funding opportunities, such as venture capital and crowdfunding. the cmu also puts a strong focus on sustainable and green financing : as the financial sector begins to help sustainability - conscious investors to choose suitable projects and companies, the commission is determined to lead global work on supporting these developments. a well - functioning, diversified and deeply integrated capital market is of key relevance for the european central bank for three reasons : first of all, the integration of capital markets facilitates the transmission of single monetary policy in the euro area, secondly it contributes to macroeconomic and financial stability and thirdly, it supports risk - sharing in the private sector across the eu. 3. greece in the eurozone in the

are confronted with new questions : will the world revert to an era of high and poorly controlled inflation? are we capable of avoiding new mistakes? based on empirical data and macroeconomic assessments of individual countries, the recent wave of global inflation has already reached its peak and is steadily trending downward. among the key factors contributing to its deceleration, several can be highlighted today. firstly, there has been a decrease in energy and food prices. initially, these prices surged rapidly last year following the onset of invasion of ukraine. however, the market proved to be resilient to geopolitical challenges. secondly, the concerted efforts of countries worldwide to reorient supply chains after imposing sanctions on russia played a significant role. another factor that has restrained inflation is the timely and resolute monetary policy response. in 2022 and 2023, central banks proactively raised key interest rates to prevent a resurgence of inflationary processes. this applies to central banks in both developed countries and emerging markets. the federal reserve system has decisively embarked on a cycle of rapid monetary policy tightening, marking the first such move in over a decade. similarly, the european central bank has implemented rate hikes at the swiftest pace since the inception of the euro. however, the timely response was even more pivotal for the emerging markets. devaluation risks arising from potential'capital flight'prompted the central banks of these nations to proactively adjust interest rates. the active communication strategies of developed countries to stabilize volatile capital markets also played a role. it can be confidently stated that emerging markets have coped much better than anticipated, sometimes even outperforming developed countries. however, in my view, the linchpin of successfully addressing the recent global inflationary surge has been none other than trust in central banks. research, including studies conducted by experts at the national bank of ukraine, underscores that the economic cost of disinflationary policies is significantly lower when there is a high level of trust. trust plays a pivotal role in anchoring inflation expectations and, ultimately, expediting a return to low and stable inflation. 2 / 4 bis - central bankers'speeches the results of painstaking and long - term efforts to cultivate trust in central banks are evident today. inflation expectations are firmly anchored, and inflation is on a downward trajectory, with the economic repercussions of disinflation remaining relatively modest. the concerted work to bolster trust has allowed emerging markets to