keynote speech by tina zumer, deputy governor of banka slovenije, at the aci slovenia annual assembly besedilo je na voljo samo v angleskem jeziku. steps forward in normalising interest rates in times of war, global uncertainty and structural challenges dear ladies and gentlemen, dear speakers, organisers of this event, aci members and other guests, good evening. let me sincerely congratulate you on this round anniversary of your association. in the last year, many 30th anniversaries have been celebrated across central and eastern europe. this also includes our institution, banka slovenije. i am pleased and proud that the employees of banka slovenije have played an important role in the association from the very beginning. building and strengthening of ties among professionals from [UNK] ﬁnancial institutions is very valuable. when this happens far beyond national borders it is especially beneﬁcial, and the accession of aci slovenia to the world aci association in 1997 was a key milestone in this respect. at this occasion, i would like to thank all of you engaged in the organisation of a series of lectures and other events for enriching the knowledge and skills of individuals working in our bank and other ﬁnancial institutions. in recent months, and since the beginning of the pandemic in general, the situation on the ﬁnancial markets has been dynamic and diverse. if we look at it from a professional point of view, we have been able to witness historical events such as the global ﬁnancial crisis and the great lockdown. however, the current situation is far from comfortable. the russian attack on ukraine developed into a devastating war and a new shock to our economies even before the ﬁght against the pandemic had ended. this shock has added to the challenges for our monetary policy, to which – in addition to macroeconomic situation – i will devote the ﬁrst part of today's speech. in addition to the challenges related to high inﬂation and normalisation of monetary policy, we are also facing longer term risks, such as climate change with its potential repercussions for macroeconomic and ﬁnancial stability. in the second part of my speech, i will highlight our tasks and activities in this area. [ macroeconomic environment ] after a sudden and deep recession triggered by the covid pandemic, most euro area economies recovered faster than expected. the euro economy reached the pre - pande

antonio fazio : regulation and supervision in financial markets presentation by antonio fazio, governor of the bank of italy, at the frankfurt european banking congress 2004, panel discussion on “ regulation and supervision in financial markets ”, frankfurt, 19 november 2004. * 1. * * development and integration of financial markets in the euro area the introduction of the single currency has given a decisive impetus to financial integration in europe. the integration of the money market has been rendered possible by the creation of target, the european payment system. the launch of the new - generation system based on a single platform is scheduled for 2007. the euro has had a particularly significant impact on the european market for private - sector bonds ; there has been a considerable increase in the number of even medium - sized firms placing issues outside their home country. the home - bias of equity portfolios has diminished. in the main industrialized countries the medium - term growth in the quantity of money, and hence in the volume of bank deposits, is in line with that in nominal gdp. the faster rate of expansion in the aggregate volume of financial assets, that is the process of financial deepening, is the outcome of the direct relationship established on the financial markets between the firms and the public sector issuing securities, on the one hand, and the investors purchasing them, on the other. in italy, between 1995 and 2003 the volume of funds raised directly on the financial markets by firms issuing shares, bonds and other instruments grew from 20 billion euros to 65 billion. the amount of households ’ financial wealth consisting of corporate securities increased from 180 billion euros to 470 billion, that is from 19 to 36 per cent of gdp. similar developments have taken place on other markets. the stability of the banking system, the protection of the savings it intermediates and their efficient allocation are entrusted to the banking supervisory authority, as well as to market discipline. in order to strengthen, in this new context, the safeguards for savings invested in securities, steps must be taken to ensure more effective controls on financial markets and firms issuing securities, if necessary by forging europe - wide links. 2. banks and financial markets during the 1990s the large - scale process of consolidation and consequent growth in the size of banks encouraged the spread of the universal bank, which combines retail and wholesale business and simultaneously performs both commercial and investment banking services. the banks themselves have greatly stepped up their role in the distribution of third - party financial products, insurance policies, investment funds and corporate bonds. credit risks