to justify our actions. lastly, the new act grants us greater freedom in the choice of instruments to manage our monetary reserves. as you know, the national bank has considerable monetary reserves. these reserves, which are a national asset, are essential for pursuing an independent monetary policy by reinforcing confidence in our currency. they are thus instrumental in ensuring its stability. it is crucial, however, that these reserves be managed effectively and with due regard to liquidity and security requirements. over the next few weeks, we will define to what extent we wish to take advantage of the investment possibilities offered by the new act. we will present our plans on this matter at our press conference on june 17. conclusion the swiss economy has enjoyed a high degree of monetary stability for some years now, and this advantageous situation should last for a number of years to come. while the international environment in which we operate has improved, it remains unstable. we cannot rule out fresh setbacks. however, we can count on the significant adaptability of our companies and look to the future with confidence. nevertheless, our high standard of living in international terms should not lull us into complacency. in recent decades, we have seen our position among the leaders of the most highly developed countries eroded. corrective measures are necessary. let ’ s be clear : the main threat to our prosperity does not come from abroad, where the “ made in switzerland ” label is still a success when it is associated with quality. the threat comes from within switzerland. take, for instance, our excessive predilection for regulations - often an invisible barrier to the free play of competitive forces - and our hesitation to fully accept an international environment that is more competitive and innovative than it was 20 years ago. the guiding principle for our structural reforms should be : more competition and fewer regulations. we have to have the courage to take this path in order to durably enhance our economic growth. this is essential to the balanced development of our economy and to the confidence that each of us feels in the future. it is with this wish that i conclude my remarks. thank you for your attention and for the interest you show in the national bank and its activities.

is to make the libor more representative and to restore the trust of market participants. aside from these regulatory bis central bankers ’ speeches steps, what is also vital for the continued existence of the libor is that an adequate number of banks participate in the libor fixing, and that the money market upon which the libor fixing is based recovers its importance. credible and representative reference interest rates are of major importance for the financial markets. they serve as benchmarks in the pricing of loans, financial products and derivatives. in switzerland, approximately 80 % of banks use the libor as a benchmark for loans, especially for mortgages. the responsibility for the provision of reference interest rates therefore lies primarily with the market participants. they should be aware of this responsibility, and become involved, where necessary, in exploring alternative reference interest rates. the snb is playing a supportive role in this regard, in that it is participating in discussions with market participants, as well as with swiss and foreign authorities. future of the repo market infrastructure in switzerland with regard to repo market infrastructure, it is important that we are well prepared for the future. a functioning, secure and efficient repo market is vital for the implementation of monetary policy, as well as for market participants ’ access to central bank liquidity. switzerland has a long tradition of organising its core financial market infrastructure as a joint enterprise, according to the ‘ user - owned, user - governed ’ principle. in the case of the repo market, the current solution has proven its worth. nonetheless, due to changes in the stock market and regulatory environment, the snb has undertaken a reassessment of the situation. in the light of this, the snb has decided to conduct its monetary policy operations via a new trading platform, provided by six group ltd, as of may 2014. in this way, the repo market will be based on an integrated solution, in which the trading platform, securities settlement system and payment system are covered by a single source. moreover, further developments will also be possible, for example the expansion of trading to incorporate further products. since the new trading platform will resemble the existing swiss franc repo system ( eurex repo ), access for market participants will entail only minimal adjustments. we are confident that an integrated solution is the best means of ensuring a robust repo market infrastructure. bis central bankers ’ speeches charts bis central bankers ’ speeches