##b rate is designed to provide a backstop to the existing overnight benchmark, but the working group can also consider it as a candidate for a fallback rate. the ecb aims to start releasing a daily rate before 2020. a summary of responses to the ecb ’ s first public consultation on developing a euro unsecured overnight interest rate was published on the ecb ’ s website in mid - february 2018. 5 a second public consultation document building on the analysis presented in the first consultation document, and the feedback received from market participants, is currently being prepared. it will explore the methodology to be used for the new rate as well as key operational and technical parameters. the document is scheduled to be published towards the end of march 2018. let me conclude by saying that, for the reform to be successful and conducted in a nondisruptive manner, it is essential that this working group reaches a broad - based consensus on alternative risk - free rates and on the best approaches for incorporating their use in financial contracts. this consensus should extend beyond this working group and include the wider financial sector community. one way to achieve this is by involving institutions, or financial subsectors, that are not represented in the working group discussions. coordination, cooperation and transparency across market segments, products and users is therefore essential for the success of the benchmark reform and the possible transition to alternative rates. many users and other involved parties may not yet be aware of the changes to come, and all of us need to make an effort to reach out to them too. thank you. 2 / 3 bis central bankers'speeches 1 bis economic consultative committee ( ecc ) report entitled “ towards better reference rate practices : a central bank perspective ” ( march 2013 ). 2 fsb report “ reforming major interest rate benchmarks ” ( july 2014 ). 3 regulation ( eu ) 2016 / 1011 of the european parliament and of the council of 8 june 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending directives 2008 / 48 / ec and 2014 / 17 / eu and regulation ( eu ) no 596 / 2014. 4 emmi announcement “ state of play of the eonia review ” ( february 2018 ) 5 summary of responses to the ecb ’ s first public consultation on developing a euro unsecured overnight interest rate ( february 2018 ) 3 / 3 bis central bankers'speeches

reforms aimed at enhancing labour force participation are needed to offset the low growth in the working age population. additional measures that are needed are the removal of barriers to investment and the creation of the institutional structures needed for a rapid and efficient adoption of new technologies. in this respect, the governing council considers that there is no clear indication yet that these structural factors have led to a measurable and lasting increase in productivity growth in the euro area. this notwithstanding, the uncertainties surrounding estimates of the medium - term development of potential output growth in the euro area have become skewed to the upside. this being the case the governing council will carefully monitor further evidence of an acceleration of productivity growth in the euro area. the ecb's monetary policy would naturally take such changes appropriately into account, if and when they occur. 2. issues relating to the introduction of euro banknotes and coins i should now like to report on several decisions that have been taken by the governing council of the ecb with regard to the euro cash changeover on 1 january 2002. given the crucial importance of this matter and the responsibility of the eurosystem as a whole to achieve a smooth cash changeover, the governing council has adopted an ecb guideline on the 2002 cash changeover. the aim of this guideline is to ensure that the framework of the changeover is consistently implemented, such as the provisions for frontloading and sub - frontloading and the financial modalities for credit institutions, as well as to provide a level playing - field for all credit institutions, their agents and sub - frontloaded entities. the ecb guideline can be viewed on the ecb's website and has also been published in the official journal of the european communities. moreover, the governing council considered measures which should help to ensure the availability of euro banknotes in non - euro area countries, so that customers demanding euro banknotes are able to obtain them in a timely and efficient manner. this is particularly relevant for countries in eastern and south - eastern europe. for example, a significant amount of deutsche mark - denominated banknotes are estimated to be held in these countries, and also some other euro area currencies are held outside their national borders. therefore, the governing council agreed on the following principles regarding the distribution of frontloaded euro banknotes outside the euro area : • credit institutions which are counterparties for monetary policy operations within the eurosystem will be allowed to distribute frontloaded euro banknotes to their branches, or