said that, i would like to emphasise that monetary integration is not only about the adoption of the euro by the new eu members ; it is a more general process - a continuous improvement of our common institutional framework, monetary strategy and analytical techniques. there is a very solid foundation upon which to build a common future for our twenty - five countries. this year the euro celebrates its fifth anniversary. let me take this opportunity to congratulate the ecb for the successes achieved so far. the currency changeover, the lack of historical euro - data, the need to build the credibility of the newly established central bank - these were all challenges that were successfully overcome. the euro has emerged as a stable, highly credible, and important international currency. as a result, we can now discuss the monetary integration of all current eu member states with confidence. the word “ integration ” can mean different things in different circumstances. for me today, it means that all current eu member states will contribute as much as they can to these improvements with their own ideas, knowledge and experience. the new escb members are prepared to contribute their share. they have gained a wealth of experience from a decade of economic transformation, a decade during which they used a wide variety of monetary policy strategies, from inflation targeting to currency boards, in order to deliver low inflation. let me mention just a couple of lessons that were learnt : • how to make decisions and produce good - quality economic forecasts when faced with large uncertainty ( eg. about available data ) • how to bring the economy back to low inflation after a series of supply - side shocks and how efficient communication is crucial in such circumstances • and that maintaining low inflation is much easier providing fiscal discipline and policy co - ordination can contribute to the task. these issues will surely be familiar to others. the knowledge gained during the transformation period will enrich the policy debates of the escb´s councils and working groups. this is how monetary integration will happen on a day - to - day basis both in countries that already use the euro and in those that will introduce it in the future.

public interest, you need to reflect on how our work is specified in law and how we consult on our target. at this point in the conversation, you can usually rely on someone to ask about the sarb [UNK] s private shareholders. what is a central bank with private shareholders doing in south africa [UNK] s constitution? does this not mean the sarb is run in the interests of private individuals, not in the interests of south africans? this has become something of a zombie argument : no matter how many times you kill it, it keeps coming back. the fact is : private shareholders have no influence whatsoever on monetary policy, financial stability, or banking regulation. their rights are highly circumscribed. a shareholder, and his or her associates, cannot hold more than 10 000 shares out of the total of 2 million shares in issue. according to the sarb act, shareholders receive a fixed annual governors and deputy governors are appointed for fixed five - year terms. my current term, for instance, began in november 2014 and expires in late 2019. of the deputy governors, daniel mminele concludes his current term in june 2019, kuben naidoo in march 2020, and francois groepe in december 2022?. page 13 of 17 dividend of 10c per share. this dividend policy has not been updated in 90 years, so i am afraid it has not been a great investment. our total dividend payout each year is r200 000. some of the shareholders are annoyed by this and would like to be paid much more. however, this is not the way the shares work. instead, the sarb [UNK] s aftertax profits – which were r1. 4 billion for the last financial year – mostly go to national treasury, with a small portion being kept for the sarb [UNK] s own reserves. the shareholders got 0. 014 %, or roughly one ten - thousandth, of total profits made. for the record, r200 000 is somewhat less than the salary we pay a single junior economist. in other words, come work for us in a junior role and you will make more than all the sarb [UNK] s shareholders combined. the fact that we have private shareholders is admittedly slightly unusual. it used to be a common practice, and today there are still a few other central banks with a degree of private ownership, including those of the us, japan, turkey, and switzerland. i think our shareholders are helpful with