leader has trained two or three people who are able to take over his or her job, in my view, he or she is an excellent and successful leader. inspiration and purpose are clearly the foundation upon which employees look for in a leader. they look for a leader that brings inspiration and meaning to their work. we spend more time at work than with the family. do our workers enjoy coming to work everyday? the answer of course will not be all yes. but if you can get the majority to be saying that they love to go to work each day, i think you are doing better than most. i am always stressing to my team that relationship is the most important issue at the work place. leadership is all about relationship. values play a critical role. at the top of my list of values is respect for each other irrespective of levels of seniority. in the bank, we have adopted five values and professionalism and respect are two of them. a leader is also solution focused. a common challenge that i usually pose to my colleagues is that they should not only come to me with problems but also solutions. i do not hold a monopoly on solutions. that always gets them thinking. an interesting side effect is that the problems started declining. human resources management let me now turn to human resources management – hrm. over time reference to “ human resources ” has evolved. it started with the word “ labour ”. economist will tell us that labour is one of the three factors of production – the other being land and capital. but obviously this is rather a technical label of people. the reference quickly shifted to “ administration ” that deals with the management functions of staff such as recruitment, compensation and evaluation. this was obviously the first attempt to introduce some “ human ” recognition of the resources. it then evolved into “ personnel ” and then “ human resources ”. more recently it has changed yet again to “ intellectual or human capital ”. when i look at the evolution of these references to people, there are two things that strike me : first – there is a growing understanding that we are dealing with people rather than physical assets. only people have intellect or emotions not machines or financial assets. second – there is more appreciation that we are dealing with capital. the term “ human capital ” reflects the notion that we must grow this “ capital ” by investing in capacity and relationship building. how does hrm fit into good leadership? they are connected by people like you and me. hr deals

supervision in a central bank allow me to say a few words about banking supervision in a central bank. housing the ssm within the ecb will enable us to benefit from synergy effects. exchanges with colleagues from market operations, payment systems and economic analysis will help the supervisors to develop a different viewpoint on current market developments, the importance of a specific institution for payments and the economic environment. one area in which cooperation will be particularly intensive is macro - prudential supervision. our aim here is to bring together insights from both the macro - prudential and the micro - prudential areas, and to address undesirable developments in a targeted way. conclusion ladies and gentlemen, the european supervisory landscape is facing a major change. with the ssm, we have created a strong, new supervisor at the european level. the ssm will be able, and have the responsibility, not to do everything differently, but to do some things better. with the conclusion of the comprehensive assessment, and the publication of the results in the second half of october, and the start of our supervisory activity on 4 november, we have a few stressful months ahead of us. but we must also remember to occasionally pause for a moment and to reflect beyond the immediate tasks at hand. the ssm may have been created as a consequence of, and as a solution to, certain problems in europe. but it is bis central bankers ’ speeches destined to be able to achieve much more and – at least that is my hope – to have an effect over and beyond europe. thank you for your attention. i am now at your disposal for questions. bis central bankers ’ speeches