( in ireland ), as it ’ s the closest neighbour. but for the euro area, while it ’ s an important concern, compared with global trade and the future of, say, china and the emerging economies, this is a medium - priority topic. the last point is that, in terms of the financial system, it ’ s very important that we have good 3 / 4 bis central bankers'speeches supervisory relationships with the bank of england and the other supervisors in the united kingdom. so even though the trade deal focuses on trading goods and services, we also have an agenda to make sure we can work together post - brexit in terms of supervising the euro area financial system and the uk financial system. final question, just on a personal level : how are you finding the new job? are you enjoying it? is it everything you thought it would be? what ’ s frankfurt like? let me say two things. one is that of course i very much miss working at the central bank of ireland, which is a great institution. but as an economist, leading the economics work of the ecb is a tremendous personal challenge and tremendously fulfilling. i can tell you that residentially, frankfurt as a city is fantastic to spend time in. they may have historically a reputation of being a bit quiet, but i think anyone who spends time there is pleased with it. it is a really nice city to visit. 4 / 4 bis central bankers'speeches

spillovers of the financial crisis on economic growth, on unemployment and on public finances, the citizens in our countries will not forgive us, if we fail to draw the right lessons from the crisis. in my view, there are three main lessons to be learnt : • first, the need to build a more resilient financial sector, • second, the need for fully coordinated measures to that end at the global level, and • third, the need for all systemic economies to embark on sound macroeconomic policies over the medium and long term. the epicentre of the crisis was located in the financial sector. therefore the global financial system has to be made more resilient. current efforts are under way, and the focus must now be on implementation. this concerns both financial regulation as well as oversight. in the eu, financial sector supervision is on the way to be strengthened in a two - pronged approach. a european system of financial supervisors will be established to permit better coordination among national authorities that oversee financial regulation. and a european systemic risk board will be responsible for macro - prudential supervision. this new body will provide early warnings and issue recommendations to help prevent any renewed build - up of excessive risk in the financial system as a whole. these measures are not the end of the road on regulatory and supervisory reform, but, once implemented, a significant step forward. although they are aimed at the financial sector, they will serve the economy as a whole, not least manufacturers. the manufacturing industry has a stake in a stable and resilient financial system. the crisis has revealed the very high level of interconnectedness of the global financial system. this constitutes a compelling case for very close international cooperation and solutions at the global level. there is an overwhelming need to implement global reforms in a coordinated fashion and along the same concepts, in order to preserve a global level playing field that would be solid and resilient. finally, the crisis has again stressed the need for all policy - makers to contribute to financial, macroeconomic and price stability over the medium and long term. in the area of monetary policy, a sound legal and institutional framework for central banks promotes medium - term and stability orientation. the primary mandate of the ecb is to maintain price stability. to fulfil this mandate, the ecb and national central banks are institutions whose independence is firmly enshrined in law. this framework has been crucial to anchoring inflation expectations. it has also facilitated our task of maintaining price