yves mersch : opening of the new face of the euro exhibition speech by mr yves mersch, member of the executive board of the european central bank, at the opening of the new face of the euro exhibition, deutsche bundesbank, saarbrucken, 15 january 2014. * * * ladies and gentlemen, thank you all for coming here today to the opening of the ecb ’ s “ new face of the euro ” exhibition. and a special “ thank you ” to the deutsche bundesbank for hosting this event with the participation of the banque de france. it feels very appropriate to be in a border city like saarbrucken, at the heart of europe, to open an exhibition like this, dedicated to our single currency. the people of this city, with its long and eventful history, must be among those who best understand the ambitious vision to bring the nations of europe closer together. indeed, it was through the creation of a common market for coal and steel between six european countries that the first real step was taken towards the establishment of the european union as we know it today and that led to the creation of the euro 15 years ago. today, the euro helps to unite 334 million people in 18 different countries. allow me to say a brief word about the exhibition you have come to see. “ the new face of the euro ” is a travelling exhibition which has already been to a number of cities in the euro area. it aims to help people find out more about the notes and coins they use every day. on this occasion, though, there ’ s something new. the highlight today is the brand new ten euro note. it ’ s the first time it has been on public display since it was unveiled to the media just two days ago at the ecb in frankfurt. that means you ’ ll be one of the first to see this new note before it starts circulating on 23 september this year. the new ten euro is part of what we call the europa series of banknotes. it ’ s named after the figure from greek mythology whose portrait is included in the hologram and the watermark on the notes. take a closer look at those two security features in the exhibition, as well as the distinctive emerald number, which changes colour from green to deep blue when you tilt the note. they ’ re all examples of how we have used advanced technologies to make the notes even more secure. the security features will keep us well ahead of counterfeiters – and

jean - claude trichet : macro - prudential oversight and the future european systemic risk board keynote address by mr jean - claude trichet, president of the european central bank, at the european banking congress, frankfurt am main, 19 november 2010. * * * ladies and gentlemen, it is a pleasure for me to participate in the european banking congress. we are meeting at a very important time for europe ’ s financial system, of which so many senior representatives are assembled here. this is also a very important time for the european economy and for the governance of the euro area. looking at the current situation, we have to be very clear as to what the issues are and where the solutions lie. as its name suggests, economic and monetary union has two attributes : one is “ economic ” and one is “ monetary. ” the “ monetary ” attribute refers to the ecb, its mandate and its independence. i will come to this in a moment. the “ economic ” attribute comprises the fiscal regime enshrined in the stability and growth pact ; the national frameworks of economic policy ; and the system of mutual surveillance. the developments we are currently witnessing in europe ’ s economy have to do with its “ economic ” functions. they have essentially three origins : unsound fiscal policies in a number of member states ; inappropriate macroeconomic policies in a number of member states ; and overall an inadequate system of surveillance by all member states. this is the triangle that provides the perimeter of the current situation. there is a solution to these three elements, and this consists in : first, ensuring sound fiscal policies in each and every member state ; second, setting responsible macroeconomic policies ; and, third, designing and adhering to a far more effective system of surveillance. the ecb stands alongside the citizens of europe. we understand their concerns about the governance of the euro area because, just like them, we are focused on the medium term. that is why we call for a very ambitious reform of euro area governance – a reform that will address the root causes of the current situation and make it simply impossible to happen again. i also have good news. this good news is that all the efforts to strengthen the economic attribute of our union will be supported by a monetary policy that will ensure price stability or, as you say in german, geldwertstabilitat. as i mentioned, the “ monetary ” attribute of emu refers to the ecb, its mandate and its independence. by