gertrude tumpel - gugerell : the interplay of banking, financial intermediation and regulation speech by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the 13th conference of the european central bank – center for financial studies ( ecb – cfs ) research network on “ macro - prudential regulation as an approach to contain systemic risk : economic foundations, diagnostic tools and policy instruments ”, frankfurt am main, 27 september 2010. * * * ladies and gentlemen, it is a real pleasure for me to speak today at the 13th conference of the ecb – cfs research network on “ macro - prudential regulation as an approach to contain systemic risk ”. the roman senator and historian tacitus tells us that in 33 a. d. the roman empire suffered a major financial crisis. the trigger was a re - establishment of laws that julius caesar had introduced as a war measure in 49 b. c. to prevent the flight of capital abroad and the fall of land values. after having been disregarded for a long time the re - introduction of the laws, which forced lenders to invest a large share of their capital in domestic real estate, triggered a scramble for money as many loans were called in. the disastrous effect was a postponement of investment and a fall in real estate values, compounded by investors withholding funding in view of the prospect of finding better bargains in a falling market. the crisis was eventually ended when emperor tiberius arranged for three - year interest free loans to investors. although the global crisis of the last few years had little to do with drastic measures of war financing of the roman kind, the involvement of real estate, elements of the transmission and aspects of the resolution still sound familiar. these analogies are not isolated examples. the long list of financial crises in human history and their parallels over time have been extensively documented. 1 one of the key issues – today and in history – has been that there were limited means to contain the systemic dimension of crises. hence, the recent focus on macro - prudential supervision and the topic chosen for this conference. the regulation of systemic risk is very topical. in my remarks today, i would like to look a bit more at the issue how financial regulation should react to instances of widespread or systemic instability. i shall do that from two angles : first, i want to look back at regulatory reactions in the past, namely the glasssteagall

a welcome address and opening remarks by francois groepe, deputy governor of the south african reserve bank, at the innovation and cybersecurity conference sandton convention centre, johannesburg 28 august 2018 good morning, governor, fellow deputy governors, fellow regulators ( in particular our colleagues form national treasury, the financial sector conduct authority and the financial intelligence centre ), our colleagues from numerous neighbouring central banks, distinguished guests, ladies and gentlemen. the south african reserve bank ( sarb ) is pleased to welcome so many of you who have decided to join us at this conference. we appreciate the great interest in this event, both from domestic and from international stakeholders. we remain fully committed to engaging and cooperating with all our stakeholders on crucial policy matters and the changes in our shared landscape. we hope that the next three days will offer great insights and will spark beneficial conversations on the themes and topics of this conference. introduction we are undoubtedly facing an epoch of unrivalled change that is far more exponential than the cambrian explosion that andrei kirilenko will make reference to in his presentation later today. this era offers many opportunities, and government agencies in collaboration with business and the wider society can play a critical role in leveraging these opportunities to the benefit of all humankind. in this regard, frans van houten is quoted as having said : “ government should seek more strategic approaches to develop dynamic, resilient infrastructure. business must be more creative in offering financing solutions as partners with government, and people must support sustainable innovation as a public policy priority. ” page 2 of 5 conferences such as these are part of a collaborative effort in our mission to deepen our insights into and understanding of innovation and cybersecurity. we hope that you too will benefit from these proceedings and will emerge from this conference with an expanded knowledge on these critical issues that we will be covering over the next three days. the genesis of this conference dates back to 2016 when the sarb organised and hosted its first cybersecurity conference. that conference underlined the importance of cybersecurity and cyber - resilience. in 2017, the sarb hosted the first payments innovation conference in collaboration with domestic and international payments stakeholders. this payments innovation conference sought to develop more profound insights into the innovations emerging in the payments ecosystem, while facilitating a better understanding of the role of innovation and regulatory frameworks in the payments industry. however, we cannot engage in conversations about the remarkable amount of innovation taking place in the financial services industry