mario draghi : inauguration of the new ecb premises speech by mr mario draghi, president of the european central bank, at the inauguration of the new ecb premises, frankfurt am main, 18 march 2015. * * * deputy minister president mr. al - wazir, lord mayor mr. feldmann, former president of the ecb, dear jean - claude trichet, fellow and former members of the governing council, former lord mayor, mrs. roth, honorary citizen, mr. von metzler, head of the jewish community, mr korn, heir of the grossmarkthalle architects, mr. elsaesser, and mr. prix, the famous architect of our new house ladies and gentlemen, i am delighted to welcome you all today to the inauguration of the new european central bank headquarters. creating our new home is a project as old as the ecb itself. it began in 1998 with the search for a suitable site. in 2001 we found that site here at the grossmarkthalle. a year later, an international competition was launched for the best architectural design, which was eventually won by wolf prix and his team. and in may 2010 the foundation stone was laid and the main construction works started. many people, some of them here today, have worked tirelessly over this period to make this project a reality. i would like to thank everybody involved for such tremendous work. the euro, our single currency, has become the most tangible symbol of european integration – a piece of europe accessible and valuable to each and every one of us. this building will inevitably become known as the “ house of the euro ”. it provides a sound foundation for the ecb to pursue its mandate of maintaining price stability for all euro area citizens. in that sense, the building is a symbol of the best of what europe can achieve together. but it is also a symbol of why we can never again risk to split apart. we are standing here today in what used to be frankfurt ’ s former wholesale fruit and vegetable market, a state - of - the - art functional building from the 1920s that has largely been preserved and incorporated into the new structure. between 1941 and 1945, more than 10, 000 jewish people from frankfurt and nearby were deported from here to the concentration camps. a memorial on the east - side of the building has been built to remind us, and those who come after us, of deeds that cannot and must never be forgotten. an integrated, democratic and peaceful europe was

caveat emptor ” principle has led to fundamental flaws in our present consumer protection architecture. from the principle of “ caveat emptor ”, let the buyer beware, we have to move to the principle “ caveat venditor ”, latin for “ let the seller beware ”. it is a counter to “ caveat emptor ” and suggests that seller can also be deceived in a market transaction. this forces the seller to take responsibility for the product and discourages sellers from purveying products of inferior quality. the principle vests the burden of proving that the shortcoming, deficiency of service was absent, on the seller of the product. so what should be the framework governing customer protection? ( chart ) we need to enshrine these principles in a customer ’ s charter of rights and duties of banks towards their customers. “ caveat venditor ” will necessitate these. last but not the least ; banks must focus on improving the skillsets of staff and front - line managers who are face of the bank for the customers. with increasing competition, banks that survive and succeed will be the ones that provide quality service. research studies have repeatedly shown that customers are willing to pay for quality service. banks that wish to stay ahead must therefore systematically build a structure that aims at providing total quality service which is superior and efficient. i wish your deliberations all success and close with the hope that, these will have an impact far beyond immediate issue. thank you for a patient hearing. bis central bankers ’ speeches bis central bankers ’ speeches complaints received in the offices of banking ombudsmen : 2012 - 2013 : complaint category wise complaints regarding non - adherence to bcsbi codes : 2012 - 2013 complaint category - wise bis central bankers ’ speeches bis central bankers ’ speeches