price stability and preserving its capacity to navigate through uncertain economic landscapes. 1 / 2 bis - central bankers'speeches the program of this workshop builds pretty much on this view. in the first session, we start by discussing the importance of central bank capital. then, in the second session, we will discuss how future changes in monetary policy will impact central bank capital. finally, tomorrow in the third session, we broaden the scope to the external environment. we will examine how central banks negotiate with their shareholders, and how risks outside monetary policy, such as financial stability risks and climate risk, affect central bank capital. you all contribute to intellectual capital by sharing your diverse expertise and insights. your contributions help central banks make informed decisions, refine capital policy frameworks, and adapt to evolving financial landscapes, ultimately strengthening the role of central banks in society. thank you. 2 / 2 bis - central bankers'speeches

gertrude tumpel - gugerell : priorities for integration speech by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the 13th euro finance week, frankfurt am main, 15 november 2010. * * * good morning ladies and gentlemen, i was reminded recently that it was only 140 years ago – in 1871 – that germany created a monetary union replacing the thaler in prussia and the gulden in bavaria by the goldmark. 1 although it is said that relations between berlin and munich are complex, nobody has questioned that the lander using one currency are also using the same standards for payments and settlements. 12 years ago the single currency was introduced in the euro zone replacing national currencies by only one means for cash payments – the euro. where do we stand on payment and settlement integration now? many harmonization and integration initiatives exist ( on paper ), but are not yet fully implemented and developed. the financial crisis has shown that we have to substantially step up our efforts in this domain : first, as the financial crisis has shown the crucial importance of liquidity and sound liquidity risk management, stable, sound and integrated payment and settlement systems can play a crucial role in ensuring a secure flow of liquidity and supporting banks to manage their liquidity risk. second, as we have seen that payment and settlement systems have functioned well during the recent crisis and have contributed to prevent worse outcomes, continuous work on further strengthening and harmonizing payment and settlement systems will enhance the resilience of the financial system. and third, as more harmonized and integrated payment and settlement systems increase the efficiency of financial markets and ultimately lead to cost savings and welfare gains for the overall economy, these efficiency gains will free up more liquidity and capital for the financial industry. in fact, the cost savings from – for example – a more integrated retail payments market were estimated to be around eur 18 bn. annually for the euro area. when the euro finance week was established 13 years ago, we were at the beginning of a very rich period in terms of integration in the field of payment and securities settlement systems. we established the european monetary union with a single currency and we started the integration of the european payments infrastructure by the creation of the eurosystem largevalue payment system target / target2. today, target2 is the first market infrastructure to be completely integrated and harmonised at the european level which has been instrumental to the integration of money markets and wholesale banking