ordination between private market participants and also between private participants and public authorities. i would like to conclude my address with some remarks on this approach. there are situations where the simple interaction of independent individual solutions cannot achieve an optimal outcome, but where public action is not necessarily warranted. let me illustrate this point with one example. one of the most successful examples of development through co - ordination in the euro financial markets since 1999 has been the establishment of the eonia overnight interest rate swap market. the creation of the eonia index, which underpins this entire market, is not a legislative or regulatory achievement. nor could it appear spontaneously as a product of competition ; it had to be the object of a co - ordinated agreement by market participants, to which we, at the ecb, have provided our logistical support. in this particular case, the immediate beneficiary of integration was the community of money market participants as a whole. accordingly, the appropriate engine for integration was a co - ordinated action within this community. let me provide you with another example of a situation where co - ordination could be exploited with benefits for all concerned. we have repeatedly insisted that the integration of the infrastructure of the euro area securities market should be driven by the market itself. however, we have to recognise that the costs associated with building an integrated market infrastructure for securities settlements would not necessarily be borne by those who would benefit the most from it. it may be difficult to devise appropriate mechanisms to compensate those who would bear these costs. in addition, some market participants may actually benefit in the short term from market fragmentation. even though integration would generate net benefits for the community of market participants, individual incentives to change are missing or are too weak to be effective. under these circumstances, one cannot expect competition to achieve the desirable outcome. yet public action is not a necessity. rather, co - ordination is needed to foster a sensible private sector solution. in such a situation institutions with a pan - european mandate are well positioned to act as a catalyst, as the ecb did in the example of the eonia market i mentioned before. however, the initiative has to come from the community of market participants organised for that purpose. in this context i would like to mention briefly a recent initiative. at the end of the summer, the aci, the financial market association, asked us to host on their behalf a public consultation that they are launching on the means to better integrate markets for short - term securities in europe

will emulate your commitment towards developing the youths so that they can contribute to the welfare of our country. mr. president, i salute and urge you to keep up with the good work that you are doing. to the sponsors and the board of directors, may the good lord continue blessing your deeds and may he give more to those who had a hand in helping the cause. let me finish by saying that i can not wait to see these beaming young faces to lead our future generations into a better zambia and a better life for all. i thank you.