benoit cœure : interview in der tagesspiegel interview with mr benoit cœure, member of the executive board of the european central bank, in der tagesspiegel, conducted by ms carla neuhaus on 19 september 2018 and published on 1 october 2018. * * * mr cœure, the financial crisis erupted 10 years ago. is the eurozone now better prepared for a crisis? as central bankers we always need to be prepared for the next crisis. it is our job to make the financial system as resilient as possible. and a lot has been done on that front. the financial system is now much safer than it was 10 years ago. we have better regulation and higher capital and liquidity buffers in banks. good progress has been made, but we are not there yet. why not? there are still parts of the financial system that are not nearly as well regulated as we would like them to be. i ’ m thinking of the shadow banking sector, for example, meaning financial institutions that conduct activities similar to those of banks but don ’ t have a banking licence. regulators still don ’ t have proper instruments to adequately monitor and control risks in these institutions. it would be up to politicians to change that. but are they still ready to do so, 10 years after the start of the crisis? there is indeed a risk of complacency. after all, the economy is doing well, memories of the crisis are fading, and bankers have been trying again and again to soften regulation. we have to continue to defend the rules that have made the financial system less crisis - prone. how well prepared are we then? the next crisis might not necessarily start in the financial system. it might come from another quarter instead. at the ecb, we are currently looking closely at cybersecurity, for example. we don ’ t want the next crisis to be triggered by a hacker. continued investment is needed to protect the financial system from cyberattacks. what is the ecb doing in this respect? for example, we have set up a euro cyber resilience board, which is a forum for regular discussion and cooperation between central bankers, supervisors and providers of critical financial infrastructures. we have designed a european framework for red - team testing in the financial sector, tiber - eu. and cybersecurity is also becoming more important for ecb banking supervision. credit institutions have to report any attacks on their systems.

jean - claude trichet : the transformation of the international financial architecture to meet the challenges of globalisation arthur burns memorial lecture by mr jean - claude trichet, president of the european central bank, organised by the atlantik - brucke e. v., frankfurt, 20 september 2004. * * * it is with great pleasure that i have accepted the invitation of the atlantik - brucke to give this year ’ s arthur burns memorial lecture. this lecture series is not only dedicated to an outstanding central banker but it has also had a history of eminent speakers in past years. therefore, i would like to thank the atlantik - brucke for inviting me, and i also greatly appreciate the hospitality of the bundesbank. tonight, i would like to offer some thoughts on transforming the international financial architecture to meet the challenges of globalisation. i will focus on developments over the last three decades, a period during which the international community has been confronted with tremendous and continual challenges arising from important structural changes in the global economic and financial system. during this period the international community has also learnt key lessons and has launched profound adjustments to what has been termed the international financial architecture, i. e. the policy framework of the global financial system. let me first explain what i mean by structural changes in the global economic and financial system. the steady opening - up of goods and capital markets has led to growing integration of different countries around the globe, and we are still witnessing this process today with the opening - up of india and china. on average, trade has grown much more rapidly than gdp over the past decades. especially from the mid - 1980s onwards and during the 1990s, world trade expanded substantially more than world output growth in every year, with the difference reaching as much as 7 percentage points in some years. these different growth rates imply that over the last two decades, real gdp has doubled whereas the volume of world trade has more than tripled. moreover, trade has increasingly expanded, and now includes the full spectrum of tradable goods from primary commodities to finished products, meaning that many production processes, such as automobiles or computers, today span not only several economies, but also several continents. financial integration has also increased due to capital market liberalisation, rapid technological change and financial innovation, and we see its strength both in good times and in bad. this economic and financial globalisation has enormous benefits, but it also poses challenges and entails risks. one of