the quality of customer relation arrangements. sanctions are of course an essential deterrence tool, and ( again, differently from prudential supervision ) may be complemented by the power to impose the reimbursement of sums unduly charged ( which directly favor damaged consumers, differently from sanctions ). product intervention powers may further enrich the supervisory toolbox, preventing harmful products from being distributed. in addition to public enforcement, effective customer protection may also be based on private enforcement tools. complaint management, and effective alternative dispute resolution ( adr ) schemes enabling customers to seek redress, represent relevant tools. public authorities may have a role in establishing, or at least promoting, adr schemes for the financial system. last but not least, financial education programs may obviously complement regulation and enforcement in ensuring effective consumer protection. overall, the work of finconet over these years has become extremely relevant in supporting the comparison and evaluation of supervisory instruments, the dissemination of good practices, the analyses of critical issues, the formulation of policy proposals. the bank of italy has also devoted a great effort to the development of a comprehensive consumer protection framework in the italian banking system. in 2009 we established a banking ombudsman. in 2014, we established a new directorate responsible for business conduct supervision and in charge of financial education initiatives. since then, we have issued several guidelines for financial intermediaries ; the ombudsman scheme has given solutions to a very large number of complaints filed by customers ; banks and other financial intermediaries reimbursed over € 300 million to customers ; our financial education activities reach more than 100. 000 students every year. however, despite the steps taken so far, we are aware that we are still in the “ early age ” of business conduct supervision. that is why finconet meetings are important : we believe that comparing practices, sharing knowledge and experiences are essential to ensure financial consumer protection. the agenda of this two days meeting is very rich. you will be able to analyze and exchange views on several relevant issues : the tools available and their effectiveness, the evolving context in your respective jurisdictions, the use of new technology in market conduct supervision. new technologies in the financial system challenge regulators and supervisors, they open up new streams of products and services in a fast - changing market. the rise of “ open banking ” and the increased accessibility of bank accounts by third parties represent the most visible innovations in this field and are already contributing to reshaping the financial landscape. conduct supervisors

jean - claude trichet : the new eu member states - convergence and stability concluding remarks by mr jean - claude trichet, president of the european central bank, at the third ecb central bank conference on “ the new eu member states : convergence and stability ”, frankfurt, 22 october 2004. * * * ladies and gentlemen, it is my honour and pleasure to draw some conclusions at the end of the third ecb central banking conference on “ the new member states : convergence and stability ”. i hope that you found the last two days inspiring and stimulating. the road from eu enlargement to the euro is indeed a fascinating challenge for policy makers, academics and economic agents. during these two days we engaged into in - depth discussions about the past, present and future paths of the new member states joining the european monetary union and the challenges that these countries are confronted with. let me briefly elaborate on the main arguments and issues that were raised at the conference. i would then also like to take the opportunity to share with you the ecb ’ s view about the main challenges for the new member states on their way to the euro. in his presentation, gerard roland raised some key institutional and structural questions concerning the enlargement of the european union. first, how have institutions of the new member states changed during the last decade? second, what role has the european union played during the transition phase and finally how will eu enlargement affect the functioning of the eu - 25 in the future? as expected, institutions matter. the idea of the european union acting as an “ external anchor ” for most of the new member states has played a major role and incentives to meet the entry conditions set by the eu have worked well for the new member states. according to many indicators which gerard roland presented yesterday the new member states ’ performances have been good ; for example, price and trade liberalisation have been fully adopted, competition policy has been successful and most importantly individuals live in democratic societies. this success can also be seen in how these countries have adopted and implemented the acquis communautaire. taking stock of the progress made so far the paper stresses that more work still needs to be done. reforms and progress especially in the banking and other financial sectors should be continued to create a solid and sustainable base for the economies of the new member states, which can also be seen as important requirements for joining the euro area. i agree with discussants that the new member states will be active and will contribute