transparent and more tangible for many tens of thousands of visitors. the new euro20 + event format was also important to you as a way of reaching out to a younger generation. you are therefore leaving the house in good order. i would like to express my heartfelt thanks to you for that, on behalf of all colleagues ; on behalf of the executive board ; and i would like to extend my own sincere gratitude for the excellent working relationship we have enjoyed. we wish you all the best for the future! at the same time, we are all pleased that the bank will be led by a highly esteemed and experienced colleague in future, too. joachim nagel is still very familiar to many at the bank : joachim, you already worked at the bank from 1999 to 2016 – at almost every level, most recently, for six years as a member of the executive board. on the executive board, we always had a very close and trusting working relationship. for some years, you were responsible for the 2 / 3 bis central bankers'speeches directorate general markets and as a member of the executive board, also for the directorates general controlling and it. so it is fair to say : you know the bank like the back of your hand! you, too, joachim, are perfectly equipped for the post of president. we will benefit a great deal from the rich body of experience you also gathered outside the bundesbank over the past few years : as a member of the executive board of kfw group and in a managerial role at the bank for international settlements. but you always nurtured your links to the world of academia. in karlsruhe, where you completed your phd, you regularly lectured. you also demonstrated that you are a good crisis manager during the global financial crisis when you were responsible for the directorate general markets. quick and difficult decisions were often necessary. we very much hope that we will not need these special crisis management skills too often in the coming years! many tasks lie ahead of us. we constantly have to explain the role of the bundesbank and, where necessary, justify difficult decisions, too. we will master these tasks at the bank together. the bank – that is 10, 000 employees who give their all every day for the common good and our tasks. on behalf of all colleagues, i can therefore only say : welcome back, joachim – we look forward to working with you! i would now like to hand over to the federal finance minister. mr lindner, we are

rules are fully phased in, capital strengthening must proceed, above all through retained earnings. we expect that as in 2009 a large part of last year ’ s profits will be allocated to increasing the banks ’ capital. nevertheless, recourse to the capital market would also appear unavoidable as soon as conditions permit. another major structural change in italian banks ’ business environment involves consumer protection, which is considerably stronger today than in the past. in recent years the bank of italy has stepped up its work to improve banks ’ customer relations. we have acted on several fronts : new rules, intensified controls, new consumer protection instruments. we have always favoured the elimination of the distortions that put the italian banking industry at a disadvantage vis - a - vis the competition. the government ’ s recent initiatives concerning the tax treatment of banks go in this direction and respond to long - standing requests of ours. but we are just as strongly convinced that the italian model of banking, given the nature of banking customers, has a greater need than others for customer relations to be based on transparency. any retreat on this front will encounter the bank of italy ’ s firm opposition. bis central bankers ’ speeches growth the essential objective remains growth – growth that is equitable and pays heed to the quality of life. without growth, financial stability cannot be consolidated in the world, in europe, or in our country. the monetary union can overcome the sovereign debt crisis of some of its members if it is able to reach agreement not only on the ways to ensure fiscal discipline but also on the structural reforms needed to impart enduring impetus to growth and on the forms of mutual control over their implementation. in italy, growth has been languishing for fifteen years now. we have dwelt on the underlying causes and the contours of reform action in various venues, on the basis of the analyses that we have conducted in recent years. let me recall some of them. the growth of the whole economy would benefit from a legislative overhaul keyed, pragmatically, to enhancing the system ’ s efficiency. if legislation is not transparent, welldesigned and stable, if the administrative burdens are disproportionate to the activities regulated, in the long run the economy will decline. despite the progress made, italy still stands out in all the international rankings for the burdensomeness of its bureaucratic obligations, especially those incumbent on firms. the educational system is decisive. the achievement gap between our students and their