while ensuring that the financial system operates in the best interests of consumers and the wider economy. our vision is to be trusted by the public, respected by our peers and a fulfilling workplace for our people. our values are integrity and care, courage and humility and teamwork and excellence. i suspect our vision and values will resonate with many of you. they certainly chime with my own values as a lifetime public servant. my ambition as a eurosystem leader is to improve the welfare of the european people as a whole and ensure that the financial system operates in the best interest of the european economy through recognising the strength of our diversity, an unflinching resolve to teamwork and collaborating with others and a commitment to leadership in uncertain and volatile times. our people which brings me to the key determinant of our success : people. 5 / 7 bis - central bankers'speeches when i worked in new zealand, i learned a mori proverb : he aha te mea nui o te ao? what is the most important thing in the world? he tangata, he tangata, he tangata. it is people, it is people, it is people. it is people who make an economy, who create and run its institutions, who innovate and run its businesses, who create its jobs, who pay its taxes, who build its houses, who develop and set its monetary policy, and who regulate and supervise its financial system. and succeeding in the eurosystem depends on the minds and the hearts of the people that make up our organisations. that's why your leadership matters and matters more in these uncertain times of rapid change. i believe that the best job that we can do as eurosystem leaders is to encourage, explain, listen, and reassure, and to show resolve, courage and humility to our people. conclusion i want to conclude by taking us back to our ambitions for europe. in order to achieve the outcomes that we want, we need to continue collaborating successfully with one another across the eurosystem and wider european system of financial supervision. the challenges we are facing from a volatile and uncertain world undergoing major economic transitions – and facing what nouriel roubini has called megathreats – demand nothing less. we must continue to promote effective communication between central banks, between european institutions and between national governments so that we can achieve better outcomes for citizens across europe. i think that if robert schuman was opening

responsive regulator requires connection. improved engagement and listening to the perspectives of others helps us to understand better risks posed to the financial system, as well as helping households and businesses to understand our approach to policy and regulation. regulation is about supporting positive outcomes next, and to state the obvious, it is important that leaders are clear about the outcomes they want to achieve. in my view, regulation is about supporting positive outcomes. regulation should follow six principles. it must be forward looking, connected, proportionate, predictable, transparent and agile : forward - looking because, although we need to learn from history, we need to prioritise regulating for the future, especially as the pace of change means it quickly becomes the present ; connected because, in a european and global financial market, being more connected with market participants – whether firms, other regulators, consumers and investors – is essential to better understand risk, and to support agility and foresight in how we regulate ; proportionate, because we want regulation to address the harm or failure on which it is aimed without causing unintended consequences. there needs to be 4 / 7 bis - central bankers'speeches an effective and disciplined consideration and weighing of the costs, benefits and trade - offs involved in any regulatory intervention so that we avoid creating distortions and sub - optimal outcomes ; predictable, because consumers, investors and firms need to understand what we're trying to do, and what it is we expect others to be doing ; transparent because building trust in the financial system requires that market participants are able to see that regulators are doing their job and regulations are working as intended. and last and very much not least, agile, because the financial system has shown us that it can change quickly, that it is changing quickly and that it will continue to change quickly. regulation needs to adapt to a changing risk environment at a similar pace. ultimately financial regulation is about supporting the economic wellbeing of the community as a whole. such outcomes may be reasonably intuitive to describe but fundamentally they involve a stable financial system, trust and confidence in financial markets, and ensuring fair treatment of consumers. of course there are challenges and trade - offs to make in delivering effective regulation which i am sure will be discussed in the course of this conference. our ambition : the welfare of the european people as a whole so what, as leaders working at the ecb and ssm, is our ambition? at the central bank of ireland our mission is to serve the public interest by maintaining monetary and financial stability