##0. pdf? 490dce9cc2a2bf39b76ae4b06604b0ca see “ high - level expert group on reforming the structure of the eu http : / / ec. europa. eu / internal _ market / bank / docs / high - level _ expert _ group / report _ en. pdf banking sector ” at bis central bankers ’ speeches depositors from excessive risk - taking by banks with structural measures that would reshape the industry. common challenges to both the resolution structure and deposit insurance scheme will be to agree on adequate ex ante burden - sharing rules between governments that provide market participants with the right incentives while preserving financial stability, and adequately deal with legacy issues. the final form of the banking union will appropriately reflect these considerations, and we are confident that implementation will start as planned with the establishment of the ssm in early 2013. conclusions let me conclude by stating once more that for monetary policy to work we need an integrated banking system, and to have an integrated banking system we need it to be supervised across the euro area as a whole, which will make it possible to be backstopped by the euro area as a whole. this is the vision put forth in the four presidents ’ report, this is the commitment made by the euro area governments, and the ecb supports it wholeheartedly. the monetary and the banking union are symbiotic, and they are the logical extension of the maastricht treaty, both in historical and political terms. i look forward to a stimulating discussion and wish you a very successful conference. bis central bankers ’ speeches

psa campaign, the board developed a 5 tips flyer regarding foreclosure - rescue scams that provides essential information in an easily digestible format. material developed by the board is now being leveraged by others. several reserve banks, for instance, are working to add the board's psa to additional theatres in their markets. and one reserve bank has decided to replicate the effort with a psa tailored to its particular market. in addition, the psa and 5 tips have been picked up by other public and nonprofit organizations, including the national association of realtors, and mortgage servicers such as gmac. the success of this campaign has highlighted the demand for timely information that consumers can use. through this effort, we have learned a great deal about the importance of the federal reserve as an unbiased source of consumer information. we intend to build on this knowledge going forward – focusing on the content provided, leveraging the same message through multiple distribution channels, and creating awareness of the information's availability. finally, as a research institution we engage in efforts to measure the effectiveness of financial education, in order to understand what approaches work best. for example, board staff, working with the department of defense and others, conducted a longitudinal study involving soldiers at fort bliss to determine whether receiving a two - day financial education course as part of their advanced individualized training improved the soldiers'financial behaviors compared to those who did not receive training. we found that soldiers who took the course were more likely to engage in positive financial behaviors ( such as saving regularly, participating in retirement programs, and paying off credit card bills monthly ) and less likely to engage in negative behaviors ( such as paying overdraft fees and paying bills late ). the federal reserve bank of philadelphia is currently engaged in a longitudinal study to measure the effectiveness of homeownership counseling. throughout the federal reserve system we continue to study and apply the lessons learned in the field of behavioral economics to improve our financial education and consumer information. the goal of each of the federal reserve's actions with respect to consumer protection has been to restore consumer confidence by making credit more transparent and, where necessary, prohibiting practices that are so complex as to be unfair and deceptive. these actions are not only good for consumers, but will benefit the financial industry. we aim to promote access to responsible credit for consumers to the greatest extent possible while also recognizing the value of innovation and the need to restore fully functioning credit markets. being attentive to