strong support from abroad, both in terms of visiting lecturers and money. in some cases, these two aspects were interconnected, and completely new programs were gradually built up. among all, let me name center for economic research and graduate education, us business school prague and cmc graduate school of business. i can offer another illustration of how far we have gone. i have been with the czech national bank for six years. but as an academician i was in contact with the central bank already at the beginning of 1990s. at that time, the staff was struggling with very basic issues : a new statistics and data on the newly born market economy, ways how the economy should be analysed and what kind of theory or model should be applied etc. the czech national bank was receiving a lot of help from the foreign central banks and international institutions. today, we are at the level of state - of - art and we do not receive but provide foreign technical assistance. we assist directly to a number of countries as well as our experts are invited to imf missions around the world. and yet our staff is based primarily on people educated in the czech republic. i consider it as a good signal that we have reached significant achievements in economic education and that the problem of missing generation will soon cease to exist. i can only hope that we will continue with this process of catching up and that cmc will keep contributing to it. what can i wish to you personally? let me recall my recent visit to the bank of israel on the occasion of its 50th anniversary. we were having lunch with the finance minister benjamin netanyahu and we discussed necessary fiscal reforms. mr. netanyahu said that for pushing reforms through, one needs three things : the vision, the will and the political power. i can only add that combining these ingredients - the vision, the will and the power of knowledge - form the leader, regardless whether we talk about politics, managements, or science. having in mind education and network you have gained 1 / 2 during the emba course you have the best assumptions to succeed. i wish you all the very best in your further professional carriers. 2 / 2

management of their reserve assets and the conditions associated with their issuance. fatf ( 2012 ), “ international standards on combating money laundering and the financing of terrorism & proliferation ”, available at : https : / / www. fatf - gafi. org / media / fatf / documents / recommendations / pdfs / fatf % 20recommendations % 202012. pdf. fatf ( 2021 ), “ updated guidance for a risk - based approach virtual assets and virtual asset service providers ”. https : / / ec. europa. eu / info / publications / 210720 - anti - money - laundering - countering - financing - terrorism _ en. in this respect, matters such as restricting said activities to supervised deposit institutions, 34 constraining reference assets to higher quality ones and imposing transparency measures on the latter35 are emerging issues that could ultimately become global trends. at the national level, in spain there are no specific regulations on crypto - assets. the spanish national securities market commission ( cnmv ) has issued a circular on advertising of crypto - assets intended for financial investment36. the circular aims to ensure that the advertising content is accurate, easily understandable and not misleading, and that it clearly includes mention of the associated risks, including the possible loss of the entire investment. as such, this regulation establishes the tools and procedures for effective supervision of crypto - asset advertising, but it does not regulate either crypto - assets, their issuance or crypto - asset - related services and, since october 2021, the banco de espana37 has held a special register of providers, although its scope is currently restricted to only a subset of players. 38 unlike other registers, this one has a limited purpose, catering only for anti - money laundering and counter terrorist financing needs. in other words, an entity ’ s inclusion in the register does not imply that it has been granted prudential authorisation, i. e. it does not guarantee that the agent is solvent or has the technical capabilities necessary to correctly pursue its activity. nor does the register impose specific transparency requirements vis - a - vis the agent ’ s clients. in sum, initiatives such as the register of certain crypto - asset service providers are a step forward. but they should not be interpreted as authorisation comparable to that granted to banks, nor do they mean that the banco de espana performs any supervision of their activities. these examples are a sample of the initiatives which are under way