jean - claude trichet : hearing before the economic and monetary affairs committee of the european parliament introductory remarks by mr jean - claude trichet, president of the european central bank, brussels, 30 march 2009. * * * madame la presidente, mesdames et messieurs les membres de la commission economique et monetaire, je me rejouis d ’ etre entendu pour la troisieme fois par le parlement europeen depuis le debut de cette annee, et pour la deuxieme fois par votre commission. je n ’ oublie pas non plus la rencontre conjointe du parlement europeen et des parlements nationaux en fevrier. la rencontre d ’ aujourd ’ hui est la derniere prevue au cours de cette mandature. elle revet donc une importance particuliere. permettez - moi des a present de vous remercier pour les echanges de vues stimulants et riches que nous avons eus au cours des cinq dernieres annees. il ne s ’ agit pas moins de ma vingt - et - unieme audition devant votre commission, ce qui atteste de l ’ intensite des relations entre la bce et les representants elus des citoyens europeens. heute mochte ich mich auf vier themen konzentrieren : die aktuelle wirtschaftliche lage, die struktur der finanzierung privater immobilien im eurogebiet, die auswirkungen der krise auf eine zukunftige einfuhrung des euro in den mitgliedstaaten in mittel - und osteuropa und schließlich die vorschlage zur reform der bankenaufsicht in europa. ich hoffe, dass ich damit auf einige der wichtigsten themen eingehe, bevor ich mich wie ublich ihren fragen stelle. economic and monetary developments let me begin with the economic situation and our recent monetary policy decisions. please note that, with only three days before our next monetary policy meeting this thursday, i am in the so - called "

proposed composition of the systemic risk council reflects a recognition of the role played by central banks in macro - prudential supervision. third, the fact that the systemic risk council would be set up under the auspices of the ecb and the escb would allow it to benefit from the analytical capabilities and technical infrastructures developed by central banks in its analysis of monetary and financial stability. in this context, the systemic risk council will have to rely on a wide range of macro - and micro - prudential data. this implies that the ecb and the escb should have access to the relevant micro - prudential information from supervisors. fourth, for the proposed macro - prudential framework to function as intended, it is crucial that risk warnings be translated into policy action as effectively as possible. in this context, the systemic risk council should report its risk warnings and relevant recommendations to the ecofin council. finally, we should provide an appropriate institutional basis for the establishment of the systemic risk council and the related new macro - prudential tasks of the ecb and escb, in order to ensure the necessary authority, accountability and legal capabilities. the activation of article 105 ( 6 ) of the treaty could be a very useful avenue in this context. * * * i could not conclude today ’ s introductory remarks without very warmly thanking you, madame la presidente, and all the honourable members of the committee for our regular exchanges of views over the past five years. these 21 hearings have been important opportunities to receive feedback from the members of parliament. thank you for your kind cooperation and thank you for your attention.