democracy needs to move with it. this is not just because democracy is a core value of the eu. it is because making policy without adequate representation and accountability does not work. so we need to deepen our economic union and our political union together. and this means strengthening the channels for genuine european democratic legitimacy, like the european parliament. inevitably european democracy will be different. voters in any one country may initially fear that they have less influence over decisions than at present. but it is my belief and certainly what has happened in the monetary policy area that in giving up some formal sovereignty, people will gain in effective sovereignty. they will empower institutions with euro - wide responsibilities able to tackle the pressing problems of jobs and growth – and so their votes may in fact make more of a difference to their lives than they do today. in this way, i trust, we can reconcile those who feel left out, including many of the protesters gathered in frankfurt this week, with a process of integration that has already generated so many benefits for three generations of europeans. let me conclude. this building is a credit to all those who have worked to bring it to fruition. it is a landmark for the city of frankfurt. and it provides the ecb with an impressive new home to pursue its mandate. but it also stands as a powerful symbol of what european integration is about. it reminds us of where we have come from and where we have come to. of the horrors that can happen when we split apart, and the huge steps forward we can make when we work together. so let us not undo what has been achieved. let us not hanker for the past. let us draw on the past to unite us in the present – to build a complete union that can deliver the stability and prosperity we need. we as the central bank will do our part in this process by ensuring the integrity of our single currency. our shared money is the most tangible sign of the trust we place in one another. as the ecb ’ s first president, wim duisenberg, put it at the launch of the euro more than 16 years ago : “ a currency is far more than just a medium of exchange … a currency is also part of the identity of people. it reflects what they have in common, now and in the future. ” thank you for your attention. bis central bankers ’ speeches

oversight and supervision in the area of cyber resilience. it is a real achievement and it is setting the standard for other committees. it will be important that going forward, other authorities, committees and market sectors approach cyber standards and guidance in a harmonised manner, to ensure that there is no duplication and inconsistency, and to ensure that there is cross - fertilisation and evolved collective learning. within this context, events like the one today is vital, and we must ensure that all the relevant stakeholders remain involved and work together, as cyber threat recognises no border and stakeholder. it is a risk to us all, and only through such events will we increase the common understanding and approach, and begin to address the risks. in this regard i would like to emphasise to the fmi community that it is important that you support the cpmi - iosco work and respond to the public consultation with your comments, observations and ideas regarding the guidance within the february deadline. we want your views, as from the outset, i have stated that this is a collective journey, one of partnership. thank you for your time, and let us work together in 2016 to enhance cyber resilience at eu level and beyond. see : cpmi - iosco consultative paper “ guidance on cyber resilience for financial market infrastructures ”, november 2015, https : / / www. bis. org / press / p151124. htm. see also cpmi, “ cyber resilience in financial market infrastructures ”, november 2014 ; and iosco, “ cyber - crime, securities markets and systemic risk ”, staff working paper, july 2013. bis central bankers ’ speeches