targeted public investment provides an important growth engine for the post - pandemic economy, which is further amplified by the commitment to carry out growth - enhancing reforms. moreover, the coordinated focus on green investment and digitalisation has the potential to generate additional productivity gains on a cross - european basis in view of the shared benefits of an orderly carbon transition and the positive network externalities from enhanced digital capacity across all member states. of course, fiscal support for basic research and development activities also serves as an international public good. another common principle that is relevant to all national reform plans is that improving the efficiency of public sector administration has the potential to boost economywide productivity in view of both the size of the public sector in european countries and the importance of efficient public sector administration to the operating costs and resilience of every sector. together with the success of the sure bonds, the eu - level bond issuance to fund the ngeu initiative will also advance the development of a deeper and more complete pan - european bond market and add to the stock of european safe assets. more generally, making progress on banking union and capital markets union would further support the european union ’ s growth prospects by increasing competition, reaping the benefits of economies of scale and boosting entrepreneurial risk - taking through an expansion in international risk sharing. of course, a true single market in financial services should be accompanied by a more general push to develop a single market for all tradable services across the eu. 2 / 2 bis central bankers'speeches

on previous occasions, there are still discussions in some quarters, even at this late stage of the preparations, on whether it might not be preferable to go back on our decision not to frontload euro banknotes to the general public. as i have seen, your committee, too, is preparing a resolution calling for a review of this decision. in this context, i should like to stress that the governing council of the ecb does not intend to change its decisions with regard to the front - loading of euro banknotes to the general public. the reasons for this decision, which i have already spelled out in detail on other occasions and which i am willing, if necessary, to elaborate further, are still valid and there are, according to our assessment, no new elements which would justify a renewed reflection on this issue at this late stage of preparations. we are certainly aware that retailers, albeit not all of them, are very vocal in their demands for a frontloading of euro banknotes to the general public. it is also indisputable that there might be specific situations in support of this request. however, the ecb has to take a global perspective covering all aspects and, especially, the general interest. having said this, i should like to stress that, in any case, the smooth conduct of the cash changeover will require particular efforts by all parties concerned, be they banks, businesses or citizens. however, quite a number of measures have been prepared or are under consideration which should help to smooth the introduction of the euro banknotes and coins, in particular during the very first days of the cash changeover. in this respect, i should like to mention the conversion of atms already in the early hours of 1 january as well as their provision with lower - denomination banknotes. moreover, the opening of banks on 1 january 2002, as has so far been foreseen in some countries and might be considered by others, should help smooth the specific challenges during the early stages of the changeover. finally, i should like to stress that the various extensive and well - prepared information campaigns should familiarise the general public with the organisation of the cash changeover. all in all, the challenges with regard to the cash changeover should, of course, not be underestimated. at the same time, however, i am not aware of any indications that could place the effectiveness of the careful and comprehensive preparations for a smooth and successful cash changeover in doubt. 3. issues related to