awareness and to prepare them for the cash changeover at the beginning of 2002, the governing council agreed to organise a series of conferences on euro changeover issues in the course of 2001. these conferences will bring together the key parties involved in the euro cash changeover process, both at the national and at the european level, with a view to focusing on the cash changeover preparations. this action should also be seen against the background of the conclusions of the european council meeting in nice on 7 to 9 december 2000. third, the governing council decided that tests on the euro banknotes will be carried out in all euro area countries in 2001. these tests will offer companies an opportunity to check and fine - tune their cash and / or vending machines and sensors with regard to their being able to recognise and accept euro banknotes. they will be organised by the euro area national central banks ; the bank of england will also be invited to participate. the ecb will monitor the test scenario in order to ensure a consistent approach and will act as the contact point for companies registered in a country without a test centre. fourth, further to the ecb ’ s press release of 3 august 2000, when the decisions of the governing council regarding the euro area financial modalities for the 2002 cash changeover were announced, the governing council agreed on general principles for the so - called frontloading and sub - frontloading of euro banknotes outside the euro area as from 1 december 2001. today ’ s decision, which complements the principles agreed with regard to the frontloading and subfrontloading of euro banknotes inside the euro area, has to be seen as a contribution to ensuring a smooth cash changeover in 2002. you will find further information relating to this decision in a separate press release to be issued this afternoon. with regard to target, the governing council decided to establish a long - term calendar of target operating days to be applied from 2002 onwards. the establishment of such a common long - term calendar was deemed necessary in order to reduce uncertainties for financial markets. in addition to saturdays and sundays, target as a whole, including both domestic and cross - border transactions, will be closed for a total of six days in the calendar year. you will find further information relating to this decision in a separate press release to be issued this afternoon. the governing council also adopted several legal acts related to the field of accounting, which will be published shortly in the official journal of the european communities. these acts relate to the legal

sabine lautenschlager : banking regulation and supervision – you can't have one without the other speech by ms sabine lautenschlager, member of the executive board of the european central bank and vice - chair of the supervisory board of the european central bank, at the 9th annual efr stakeholder round table on & quot ; financial fragmentation or integration & quot ;, brussels, 22 march 2018. * * * the financial crisis showed what can happen when banks are not safe and sound. so the goal is to make banks safe and sound, and avoid future crises. to that end, we have revamped regulation, and we have strengthened supervision. it ’ s indeed vital to work on both fronts. without supervisors, rules would have little effect ; without rules, supervisors would have no job – or at least no firm basis for doing their job. you can ’ t have one without the other : regulation and supervision need to be aligned. but are they? let us take a look at the euro area. in 2014, banking supervision was transferred from national to european level. and since then, we ’ ve achieved a lot. however, we could do more, and that brings me to regulation. how european is regulation? well, it ’ s true, of course, that there is a single rulebook. but by and large, regulation in europe remains fragmented to a degree that makes it hard to reap the full benefits of european banking supervision. and the problem starts with the scope of that supervision. large investment firms and thirdcountry branches are still not covered by it. this situation should be changed to restrict regulatory and supervisory arbitrage. then there are the options and national discretions contained in european regulation. some of them are still exercised differently across the euro area. it ’ s up to legislators to harmonise them. the same is true for fit and proper assessments. the rules here are also very diverse. and finally there are the tools for crisis management. we still have no common approach to such things as insolvency laws and moratoriums. this too needs to change. likewise, the rules for early intervention measures need to be streamlined. all this begs the question : is the banking union living up to its full potential? i would say : it ’ s not, at least not yet. but it could if the rules were further harmonised. now let ’ s turn to the global level. with basel iii finalised,