. the different ways in which we experience artworks would appear to be a rich seam of inspiration, particularly given our respective banks ’ collections. “ art in the workplace ” does, after all, offer a very special situation in which to encounter creativity. day - to - day working life tends to revolve around performing a clear set of tasks and the routines they entail. there ’ s no denying that artworks in the workplace can sometimes also be a disruptive element, or quite literally “ get in the way ” whenever technical equipment or the like is being installed. and yet time and again, there are moments in which a work of art does indeed catch our eye, thereby creating another setting in which the topic “ art & viewer ” comes to the fore. the thematic group entitled “ back to figuration ” brings together works whose very format alone makes them stand out. for the most part, these are paintings dating back to the 1980s – a time in which a group of artists deployed gestural brushstrokes and applied layer upon layer of paint in revisiting figurative art. representational though these works may be, there is more to them than just a depiction of reality. these brief remarks are all i would like to say about the exhibition. no doubt you will make many more discoveries this evening – particularly in the way the exhibits contrast with one another – and be inspired to “ build dialogues ” of your own. and you wouldn ’ t be alone – on our first tour of the exhibition, pierre wunsch and i both found that this setting made artworks we knew from offices and conference rooms appear in a whole new light. before i conclude, let me just say how grateful i am to everyone who made the exhibition project such a success. i owe particular gratitude to yves randaxhe and anne bambynek, the curators of the belgian art collection. together with their counterparts from frankfurt, iris cramer and anja hagebarth, they have devised the exhibition in an ongoing dialogue, and the end result is most impressive. this art exhibition is uncharted territory for us, too. we ’ re delighted to have this forum to present our collections beyond the confines of our respective central banks. let ’ s hope that our invitation to “ build a dialogue ” with artworks which are otherwise reserved for our colleagues, guests and visitors will meet with the interest of the general public. thank you for your attention. 2 / 2 bis central bankers'speeches

bundesbank is doing in this regard. first, we have been upgrading a large number of our cash processing machines located across our network of branches in germany. second, we are in the process of setting up our new state - of - the - art cash center in dortmund. once operational, this branch will pool operations previously performed by five other branches. it will be equipped with automated transport vehicles and high - bay warehouses. these substantial investments in the existing cash infrastructure are necessary to ensure that cash remains one of the variety of payment options that customers can choose from for their everyday transactions. 3 external resilience of the cash cycle 2 / 4 bis central bankers'speeches ladies and gentlemen, just like the human body, the cash cycle is essentially a closed system. working smoothly and efficiently from within is the foundation on which everything else is based. but this by itself is of little use if the system is not resilient against external influences. attempts to inject counterfeit banknotes into the financial system are one example of this. the good news : their success is limited in the euro area. enhanced security features were introduced with the issuance of the new europa series of euro banknotes. this is to keep ahead of counterfeiters, and the banknotes are also more durable than the first series. placing explosives around atms is a bolder example of an external attack that tends to receive considerable public attention. generally speaking, storing wealth – be it in electronic or physical form – will always attract illegal activities. the way to counter these is with effective law enforcement – white blood cells, if you like. safety measures tend to imply further regulations. regulations tend to generate costs. it is an obvious trade - off. but the only cash cycle that households will trust in is a safe one. trust is particularly important in times of crisis. cash is naturally immune to power outages, failing payment systems or even large - scale cyberattacks. we observe sharp spikes in cash demand in regions affected, for example, by earthquakes or hurricanes. a safe and resilient cash value chain can act as a cushion for households during periods of economic uncertainty. cash does this by establishing a link between households and the central bank. to date, this link has been physical and, for the most part, established via commercial banks. in my view, having a tactile means of payment is important. our evidence suggests that this helps households keep their personal budgets in check. 2 moreover, physical cash