but we should let slovenia's example inspire us. with the right approach, we can move forward and become more technologically advanced while ensuring everyone can benefit from the gains. and when everyone benefits, europe benefits too. over three - quarters of citizens in slovenia feel attached to europe, and almost two - thirds identify as both slovenian and european – levels that are well above their respective eu averages. 9 conclusion let me conclude. in today's uncertain world, europe must learn " to stand and withstand ". and it can do so by looking to slovenia as an example of how to overcome challenges that come its way. first, we must work hard to sow the seeds of success. and then, as the folk singer vlado kreslin sings, " vse se da " – " everything is possible ". thank you. 1charney, n. ( 2017 ), slovenology : living and traveling in the world's best country, beletrina, p. 40. 2 as argued in jakac - bizjak, v. ( 2003 ), " national library of slovenia ", in drake, m. a. ( editor ), encyclopedia of library and information science, crc press, p. 2080. 3 see the ecb's web page on " slovenia ". 4 slovenia business development agency, " automotive industry – a trusted partner in the european value chain ". 5 republic of slovenia ( 2024 ), " slovenia establishes itself as an electric vehicle manufacturer with the production of electric renault twingo ", 24 july. 6 european commission ( 2024 ), " slovenia : a snapshot of digital skills ", 30 july. 7 see the oecd's web page on " income inequality ". 8 oecd ( 2024 ), " economic surveys : slovenia 2024 ". 3 / 4 bis - central bankers'speeches 9 european commission ( 2024 ), " standard eurobarometer 101 - spring 2024 ". 4 / 4 bis - central bankers'speeches

supervisory architecture became operational at the beginning of 2011. it includes three new european supervisory authorities ( esas ) for banking, insurance and securities markets – which aim to strengthen micro - prudential supervision – and the european systemic risk board ( esrb ) responsible for macroprudential oversight. the ecb ensures the secretariat function for the esrb – without prejudice to the principle of central bank independence –, and is also in charge of providing analytical, statistical, administrative and logistical support to this new eu body. moreover, central bankers hold the majority in the esrb ’ s decision - making body, the general board. 3 the main tasks of the esrb are to monitor and assess systemic risk and to issue warnings and, where necessary, recommendations to the relevant policy - makers which are not legally binding but depend on the principle of “ comply or explain ”. however, the ecb ’ s contribution to achieving and maintaining financial stability does not rely exclusively on its responsibilities for an effective functioning of the esrb. obviously, the way the ecb conducts monetary policy also impacts on financial stability. some people call for vast changes in central banks ’ institutional setup and their monetary policy strategies with a view to pursue price stability and financial stability as coequal objectives. in my view, by contrast, major changes in the institutional and strategic framework of monetary policy are not necessary. but business as usual in central banking will not do it either. business as usual would imply adhering to what has become known as the “ jackson hole consensus ”. according to this pre - crisis consensus view, central banks should only respond to asset prices and financial imbalances to the extent that they affect the shorter term inflation forecast. 4 if financial imbalances still emerged, central banks should follow a “ mop up ” or “ cleaning ” strategy after the burst of the bubble. maintaining price stability is simply the best central banks could do to contribute to financial stability. the general board consists of the following members with voting rights : the president and the vice - president of the european central bank ( ecb ) ; the governors of the national central banks of the member states ; one member of the european commission ; the chairperson of the european banking authority ( eba ) ; the chairperson of the european insurance and occupational pensions authority ( eiopa ) ; the chairperson of the european securities and markets authority ( esma ) ; the chair and the two vice - chairs of the advisory scientific committee ( asc ) of the esrb ; the