connect people with technology. in other words, we need to equip pete with the necessary tools and capabilities. working as a single team with shared technology 3 / 6 bis - central bankers'speeches the first cluster in the technology pillar concerns our core it systems. on the one hand we will continue to future - proof our core systems and data infrastructure by making them more modular, scalable and innovation - friendly while keeping them secure. we aim to optimise the it landscape by integrating and consolidating systems across european banking supervision. on the other hand, we will decommission legacy systems to maximise the use and impact of existing applications. working as a single team across the ecb and ncas with access to shared technology will allow pete to collaborate more intensively with european central banking colleagues. olympus is a notable project in this regard. through olympus, we aim to proactively shape our it landscape and make it ready for the upcoming challenges and opportunities offered by new technologies. this ambitious project reviews the full it landscape and sets out a roadmap and action plan for the future of it in european banking supervision. for this project, we have identified four high - level targets rooted in our supervisory needs that guide all activities. our first target is to strengthen our data - driven work. imagine having easy access to data and efficient processing within a few clicks. this will empower our teams to make informed decisions swiftly and effectively. the second target is to provide common and connected tools and systems. using integrated systems to foster collaboration among all european banking supervisors, we will create a cohesive working environment that allows everyone to work together smoothly. the third target is to ensure seamless access and navigation. by unifying access and identity management, we will make it easier for our staff to find and use the resources they need, free from technical obstacles. lastly, we will establish common it standards and delivery. by adopting consistent it standards, we will drive rapid and user - friendly digital innovation, ensuring our technology keeps pace with the latest advances. under the olympus project we have set out the concrete action needed to reach these targets. what does this mean for pete, though? let me give you an example. pete will be able to use the ssm cockpit to navigate through supervisory tasks. the ssm cockpit will provide a user - centric platform integrated with core systems to facilitate access and navigation to various tools and systems. by design, it will be a flexible solution that meets the

inflation and thus into the danger zone. spiegel : how do you intend to react to it – should interest rates fall further? draghi : at the moment we see no need for immediate action. we don ’ t have japanese conditions. there, the expectation of falling prices became entrenched. in the euro area, market participants are convinced that inflation will rise to close but below 2 % again. in bis central bankers ’ speeches addition, japan for a long time did not respond so resolutely in terms of its monetary policy as did the ecb. and finally, banks and companies in japan were in a worse condition than those in the euro area today. spiegel : the condition of european banks is bad enough. so the banking union is going to come now and create a level playing field for all banks in the euro area. how important is the project for the monetary union? draghi : extremely important. europe ’ s financial system is still fragmented. although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. but in lending the differences are still very large, and in some countries the credit flow is disrupted. the banking union can help to restore confidence in cross - border lending. the most important objective of the asset quality review is transparency. we want to shed light on what is hidden in the banks ’ balance sheets. spiegel : the eu has just agreed on a procedure how to handle banks that are not viable. does the new resolution mechanism meet your wishes? draghi : i really want such a mechanism to work. we, as a supervisory body, decide only whether a bank is viable or not. then the resolution authority has to decide what to do with the bank : close it, split it up or sell it. the problem is, when we say that the bank is not viable, steps then have to be taken extremely quickly. and it is certain that it does not work when hundreds of people across europe have to discuss what needs to be done. spiegel : but is that certain with the decision taken now? draghi : if urgent action is needed we ’ ll have a fast - track procedure that gives the council and the commission 24 hours to decide on proposals of the board of the resolution mechanism. if they don ’ t decide a bank faces liquidation, so there will be enough pressure to find a solution. spiegel : what condition are european banks in? draghi