an open mind, but without losing touch with reality. 3. german market migrates to t2s t2s showed us just how complex innovations can be in the settlement world. we all breathed a huge sigh of relief when the german market, with its central securities depository clearstream banking ag, migrated to the single shared platform ( ssp ) as scheduled at the close of business on 6 february 2017. transition work went smoothly, as did the first days of business. it truly was a resounding success – a masterpiece in cooperation across an entire industry. it ’ s always the case that success has many fathers, and that bon mot really is quite apt when it comes to the settlement of securities which, after all, is a network industry. every single stakeholder – the 4cb, clearstream, all the banks and other customers of clearstream – had to migrate simultaneously and adjust their systems accordingly. that ’ s why thanks are also due to everyone involved. i firmly believe it was an impressive accomplishment. all in all, 18 central securities depositories and their markets have now migrated to t2s since the platform was launched in june 2015. this means that t2s is a major step closer to the vision of it becoming a hub for european securities settlement. this migration was particularly noteworthy because the size of the german market effectively doubled the volume of business settled via the t2s platform. t2s has demonstrated that it can cater for whatever standards market participants expect a european securities settlement platform to meet. for german market participants, the ssp not only eases settlement by standardising and harmonising procedures but also offers them opportunities to optimise their liquidity and collateral management. 4. invitation to reception ladies and gentlemen 3 / 4 bis central bankers'speeches today ’ s focus session was a very special one for me. we made a conscious decision to host this session, following the german market ’ s transition to t2s, here in frankfurt am main. the migration of wave 4 to the ssp marks a huge step forward for each and every one of us. of course, that ’ s an achievement we need to celebrate. however, today ’ s session did more than just dwell on past achievements – we also looked to the future and the challenges it holds in store. because as a chinese saying goes, the roads of tomorrow must be built today. we, the central banks, organised this focus session for you, the market participants. you engaged with

policy – at the level of interest rates decided to deliver price stability – which is managed with a view of appeasing the tensions in the money market. folha – but why aren ’ t the financial markets as smooth as they should be after all these guarantees? trichet – this is an important issue, despite the fact that central banks and government authorities have taken very important decisions. the central banks put in place a first line of defence against systemic liquidity threats, and then the governments came with a second line of defence against what i would call systemic solvency threats. at the moment i am speaking, there is a remaining level of tensions that doesn ’ t take fully into account all the decisions that have been taken. folha – does it mean that markets do not trust governments? trichet – no. i think it is a question of time and i have called on commercial banks to speed up the process of fully taking into account the decisions that have already been made. folha – how much can emerging countries like china and brazil help to avoid a worse global crisis? trichet – i think that first of all we should recognize that, for the first time since world war ii, we have seen a solid resilience of the emerging economies, which has been quite impressive at a time when we could see the industrial economies heavily affected. and that is true, since the start of the turbulences, since the beginning of august, last year. during one year we observed that the emerging world was more resilient than the developed world. at the present moment, it is clear that even the emerging economies are affected by what has happened in the industrialized economies, and in particular since mid september. of course, we are in a global economy where we are all interdependent. i myself never spoke of decoupling. so, we are all more or less touched by a phenomenon that comes here or there, but it is wrong to think that any of us could be out of the influence of the others. that doesn ’ t prevent me from thinking that for the global economy to get out of this difficult period we have to count very much on brazil, on mexico, on china, on india, and on all other major emerging economies. that ’ s absolutely clear. the potential for global growth is there. that ’ s not to say that the industrialized world has not to put itself in order and contribute themselves to a steady and sustainable growth. f