priorities. first, we must continue to work at reducing transactions that are conducted through informal channels – in particular, through education and enforcement activities. since 2012, the bank has taken enforcement actions against 140 illegal msb operators. this included criminal and civil actions pursued against over 70 companies. we will continue to intensify our efforts on this front. second, we must continue to raise compliance and professional standards across the industry, regardless of size. every company that holds a licence must be able to meet the expectations that have been set to protect the integrity of the financial system and provide a high standard of service to the public. over the years, more companies have been given licences for longer periods. this means that we have seen good improvements in the quality of compliance and operations. companies that continue to receive shorter - term licences need to take stronger measures to address the issues that we have raised. third, we should expect that financial markets will continue to remain volatile in the period ahead. it is therefore important for the industry to improve market arrangements to ensure that msb companies will be able to respond efficiently to changes in demand for currencies by consumers and businesses. such arrangements have to include better planning and management of currency stocks as well as sourcing strategies to ensure the ready supply of currencies at efficient market rates. tonight ’ s msb customer experience awards reflects an industry that aspires to place the customer first. a price advantage can be lost easily to your competitors, but a strong customer service culture is much harder to copy. those of you that voluntarily took part in this process are sending a clear signal that your company and this industry takes customer service excellence seriously. the idea of customer service excellence is not only about the quality of service ; it is also about the industry conducting itself in a way that builds trust in the industry. the association therefore is to be commended for undertaking this initiative, as should all msb companies that have supported it. 2 / 3 bis central bankers'speeches i am also very happy to note the association ’ s launch of the msb app this evening — - which will provide consumers with convenient access to price comparisons, locations of msb companies, customer reviews, and avenues to lodge complaints and report illegal msb activities. this app reflects an increasingly digitalised society and business environment where demands for greater transparency, convenience and consumer engagement have become the norm. the msb app is a great example of how financial technology, or fintech, is changing how customers

. foremost among these challenges is the need to strengthen public finances by correcting excessive deficits swiftly and returning to a path of vigorous fiscal consolidation. moreover, throughout the european union there is a need to address the considerable challenges that population ageing poses to existing pension and social security systems. there is also a need to now bring the ongoing discussions surrounding the european fiscal framework to a convincing conclusion which builds trust and confidence. the existing fiscal framework enshrined in the treaty and the stability and growth pact is a cornerstone of economic and monetary union and thus of central importance for anchoring expectations of fiscal discipline. the governing council is convinced that improvements in the implementation of the pact are possible. at the same time, it reiterates its position that it would be counterproductive to change the regulations, dilute the 3 % deficit limit or weaken the excessive deficit procedure. turning to structural policies, the forthcoming mid - term review of the lisbon agenda provides an opportunity to give renewed impetus to structural reform in the euro area, as called for by the recently published kok report. we strongly support a reform agenda which focuses on raising employment growth, fostering investment and stimulating innovation and productivity. progress in this direction will not only enhance the underlying growth potential of the euro area economy over the medium term, but will also help to bolster consumer and business confidence over a shorter horizon. we are now at your disposal for questions.