recovery in the rest of the euro area in the near term. [ slide 23 ] financial stability risks and macroprudential policy financial stability risks and macroprudential policy while the current monetary policy measures are necessary for the ecb to achieve its primary objective of maintaining price stability and to ensure that inflation does not remain too low for too long, the current monetary policy stance may also have unintended sideeffects on the financial system. a key concern is that a prolonged period of very accommodative monetary policy could result in a misallocation of resources that would ultimately undermine financial stability. [ slide 24 ] the mandate of the ecb the eurosystem ’ s primary objective is to maintain price stability, and monetary policy decisions are based on the assessment of the risks to price stability in the euro area as a whole. higher risks to financial stability should be addressed primarily through domestic socalled macroprudential policy in the different member countries. in a single currency area, macroprudential policies are particularly important for dealing with sectoral and regional risks that cannot be accounted for by the single monetary policy. macroprudential policy therefore provides a much needed instrument for mitigating financial stability risks and thereby supporting the price - stability - focused monetary policy. [ slide 25 ] the ecb ’ s role in the new supervisory architecture from the perspective of financial stability, the euro area is now in a substantially better position than a few years ago. we are now operating in a new regulatory and supervisory environment. in november last year, the ecb took over responsibility for supervising banks in the countries belonging to the banking union. it is less well - known that, at the same time, the ecb became the ultimate macroprudential decision - maker in the union. [ slide 26 ] the ecb reinforces but cannot substitute … more specifically, the ecb can apply higher requirements for specific macroprudential tools than proposed by the designated national macroprudential authorities, if it deems that the suggested national measures are inadequate. in contrast to the single monetary policy, macroprudential policy in the banking union is a joint responsibility between different authorities. the main responsibility in macroprudential policy lies with national authorities. they are in the best position to detect country - specific systemic risks and take appropriate measures to address them. bis central bankers ’ speeches the role of the ecb in macroprudential policy is to enhance national policies and reduce the

david dodge : central bank website of the year remarks by david dodge, governor of the bank of canada, at the website awards event, central banking publications and lombard street research, london, england, 12 march 2003. * * * it is very gratifying to be here tonight to accept, on behalf of the bank of canada, this award for " central bank website of the year. " it has become almost a cliche to point out that " internet time moves faster than normal time. " but i'm reminded of that observation as i accept this award - an award for achievement in a medium that barely existed ten years ago. for that matter, it was only eight years ago - in 1995 - that the banco de mexico, the bank of canada, and a few other central banks launched their first web sites. back then, it would have been hard to imagine just how quickly the web would evolve into the hugely influential medium it is today. it would also have been hard to imagine back then just how far central banks would move towards greater openness and transparency in their day - to - day operations. so it seems significant that these two trends - the push towards more open, transparent communications, and the unexpectedly rapid ascendance of the web - should have coincided. at the bank of canada, our web site has been an integral part of our communications strategy over the past eight years. the web offers us a cost - effective global distribution channel for vast amounts of data, analysis, and commentary pertaining to our main functions - that is, the conduct of monetary policy, the promotion of financial stability, the supply of bank notes, and the provision of central banking services to the federal government. our site also offers a growing amount of purely instructive material. through the use of glossaries, " backgrounders ", and other information, we have made a concerted effort to ensure that every document we publish provides enough context to help non - specialists read and understand it. this is no small challenge, given the admittedly dry and complex nature of much of the material a central bank deals with. we have also developed " inflation and investment calculators " so that our message about the benefits of low inflation is clear to the public. and we use a graphic presentation to explain the transmission of monetary policy. as well, we are currently developing a web - based simulation game, designed to explain the intricacies of monetary policy to high school and undergraduate students. based on our efforts to