not an exact science so i do not know what the right level is. indeed, what matters is that the euro is stable, and so this « falling dynamic » is economically justified, but at some point it will have to stop and the euro stablise. president hollande, who congratulated the ecb, promises that france will not stop making the necessary reforms. in your opinion, is the macron law which is being debated in the national assembly one of the elements of the reform? or is it insufficient? for us, it is a small step in the right direction. we are going to make investment easier in europe, but people have to want to invest, and for that it is necessary to have reforms promoting entrepreneurship and which make the economy more flexible, and the macron law is going in this direction. we must continue to reform? it is necessary to continue to reform – in all the euro area countries, for that matter, not only in france. last question on the troika. will it make another visit to greece? or will it lie low? because it would not be welcome there at the moment. i think it would be welcome there because the new greek government will need and want to talk with europe. we are waiting to know who our new contacts will be, who the new finance minister in greece will be. we will know in the days to come. isn ’ t he extreme - left? he will have his ideas and, in the end, europe is a compromise of different ideas. that is how it works. bis central bankers ’ speeches

to be kept up to date and in line with new market developments. the global principles for financial market infrastructures ( pfmis ), developed jointly by cpss and the international organisation of securities commissions ( iosco ) and published last april, are a key pillar in this regard. major jurisdictions around the world are now updating their supervisory and oversight requirements for ccps in response to the new pfmis, thereby leading to an even more robust set - up for ccps. another major strand of work currently underway at both international and eu level concerns the development of recovery and resolution regimes for ccps. in the eu, the european commission has recently consulted the public on a possible framework for the recovery and resolution of financial institutions other than banks, covering ccps and other market infrastructures. we trust that the european framework will be closely aligned with the respective global work of the cpss and iosco. besides ccps, another key infrastructure to be considered in relation to the repo market is the trade repository. 13 trade repositories provide a comprehensive overview of the transactions in the markets they serve, which contributes to better risk management, public supervision and oversight as well as market discipline. the ecb actively supports the current work to develop such a central database for the eu repo market. 14 it could be established in a joint effort by public authorities and the financial industry. b ) collateral optimisation let me now turn to the second point on collateral optimisation. as recognised in the cpss report, the “ efficient and flexible use of collateral facilitates market participants ’ collateral management and can contribute to the development of liquidity and smoothly functioning repo markets ”. this was considered to hold true for repo markets in normal times as well as allowing an enhancement of the resilience of repo markets in times of stress. the need for efficient and flexible use of collateral facilities has even become see, for instance, d. duffie and h. zhu, “ does a central clearing counterparty reduce counterparty risk? ”, review of asset pricing studies, vol. 1, issue 1, december 2011. trade repositories are central databases that compile and aggregate data across various execution and clearing venues. see vitor constancio, introductory remarks to the ecb workshop – repo market and securities lending : towards an eu database, 3 december 2012, see https : / / www. ecb. int / press / key / date / 2012 / html