- border group, is likely to facilitate the negotiations to share the public costs incurred if and when required. therefore, bis central bankers ’ speeches we support the overriding policy objective of the new eu framework for bank recovery and resolution proposed by the commission. although the implementation of the new resolution regime in the eu could already reduce the fiscal costs of bank failures, i believe that explicit arrangements should also be put in place to ensure that in the future the financial sector bears the burden of possible crises to come. as part of a credible resolution framework, bank levies ( possibly accumulated in resolution funds ) could possibly be considered. however, a levy on banks should be seen as a complementary tool in the set of instruments aiming at increasing the loss absorbency of systematically important banks – notably capital and liquidity surcharges, and contingent capital. the financial stability board is currently exploring several options, in particular on contingent convertible capital and bail - in debt instruments. to this end, i welcome the fact that the european commission is considering bank levies and bail - in in its plans for the future eu crisis management framework. the ecb stands ready to further contribute to the challenging work that is still ahead of us in the development of this framework. i would like to take the opportunity of today ’ s meeting to address another topical issue : the finalisation of the proposed eu regulation for otc derivatives, central counterparties and trade repositories. we would welcome if the draft report of your committee on this significant legislative initiative took account of the important role that central banks play for ensuring the stability and efficiency of market infrastructures. central banks have proven their relevant role during the financial crisis and we would thus welcome that their contribution to financial stability be fully reflected in the new regulation. this means that the central banks would be adequately involved in the new eu framework for central counterparties ( ccps ) and trade repositories. they would cooperate with supervisors in the authorisation and the ongoing risk assessment of infrastructures, technical standard - setting and decisions regarding the recognitions of third country central counterparties and repositories. regarding the arrangements for cooperation and information - sharing among authorities, the commission ’ s proposal of colleges provides, in our view, a set - up that is preferable to bilateral contacts between those authorities and esma. iii. eurobonds let me now say a few words on the other subject you suggested : so - called “ eurobonds ”. the ecb is not

war ii. in 1948, they were enshrined in the universal declaration of human rights. the famous five recognized the importance of economic rights much earlier than that, and worked to put in place laws that extended these rights to women. for example, louise mckinney, henrietta muir edwards, and emily murphy helped to establish the dower act in 1917, which granted alberta women property rights in marriage. and nellie mcclung spent much of her political life fighting for mother ’ s allowances, better public health services, and improved property rights for married women. now, in canada, we have created a society where most of us can take for granted our right to earn a fair wage and provide for our families. but we should not underestimate the importance of macroeconomic policies, frameworks, and institutions that support the standard of living that we enjoy. for example, low, stable, and predictable inflation means that our salaries and our savings aren ’ t eroded by rising prices, nor will our economy be devastated by deflation as it was in the 1930s. good monetary policy means that we can plan for the future with confidence. a sound financial system means that we can conduct financial transactions with equal confidence. a secure currency means that we can use cash with confidence that bank notes will be readily accepted, and without fear of being stuck with a counterfeit bill. at the bank of canada, we are always mindful of our commitment to canadians - to contribute to the economic well - being of this country. part of that commitment is to communicate our objectives openly and effectively and to stand accountable for our actions. the famous five and therese casgrain remind us of the tremendous influence that individuals can have on society. as louise mckinney said, and i quote, “ the purpose of a woman ’ s life is just the same as the purpose of a man ’ s life - that she may make the best possible contribution to the generation in which she is living. ” we each have a responsibility to contribute to the society in which we live. as a public institution, the bank of canada takes this responsibility seriously. we know that by fulfilling our economic role in canadian society - by giving canadians confidence in the value of money - we make an important social contribution as well. the bank of canada will continue to promote the economic well - being of canada and canadians. that is our commitment to you. tonight, we celebrate the commitment of five individual canadians to the advancement of human rights in our