and funding. strengthening of private sector definitely would have positive signal to potential foreign investors, who will be able to start business by using local comparative advantages. 1 / 2 bis central bankers'speeches numerous examples show that foreign investors are still facing complex bureaucratic procedure and inadequate legal framework. 3 however, after overcoming initial problems and period of adjustment to local conditions, foreign investors successfully run businesses for a long time and we are very proud that most of investors are staying and reinvesting in the country. potential of our country has been recognized during the recent ebrd annual meeting and business forum, which was held in sarajevo and which produced large success regarding future investment in the country. i would like to thank eu institutions, ecb and the escb for working with us on reforms. experience of these institutions is of very important for us in process of building of our system, which should be aligned with eu regulations. also, financial assistance from eu institutions and member - states make possible to carry out and complete these essential reforms. thank you 2 / 2 bis central bankers'speeches

andreas dombret : can regulation contribute towards greater stability of the financial system? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the general conference to mark the 60th anniversary of the osterreichische bankwissenschaftliche gesellschaft, vienna, 1 october 2012. * * * ladies and gentlemen, “ can regulation contribute towards greater stability of the financial system? ” my answer to this question is, “ yes, but …. ” or to be more precise : “ yes, but only if we pay more attention to certain things in future. ” what do i mean by that? i would like to begin by emphasising the great achievements that we have reached so far. the international financial system is considerably more resistant today than it was just a few years ago. many important regulatory measures were tackled under the g20 financial sector reform agenda. many initiatives have been converted into legislation or have already entered into force ; others will follow in the months ahead. now i come to the “ but ” i just mentioned. in order to make the financial system truly safer, i believe we must pay more attention to the following two aspects in the future than we did up to now. first, we must have a closer look at the consistency of the many different regulatory projects. second, we need to intensify international cooperation. let me speak briefly about these two aspects 1 ) pay greater attention to the consistency of regulation we are currently working on a number of topics to make the international financial system more stable. of course, the progress made so far varies from one area to the next. at this point i would like to mention just three examples that keep us busy at the moment : • the transposition of capital requirements laid down in basel iii into european law ( crd iv / crr ), • the new solvency regime for the european insurance sector ( solvency ii ) and • the eu european market infrastructure regulation ( emir ). this small selection is enough to demonstrate the wide range of reforms that have been launched – from banks to insurers to individual financial instruments. this is both right and necessary. however there is a danger that we may lose overview of the financial system as a whole by pushing ahead with sector - specific regulations largely independently of one another. we need to be aware of this risk and focus our attention more on the systemic aspects of regulation. it is important to adopt such an approach in order, for example, to effectively