A few years ago, before I became Governor of the Central Bank and Financial Services Authority of Ireland, I had the honour to make the opening remarks on the eve of your conference. Throughout my working life, I have always been conscious of the importance of the Internal Audit role.
Finally, we should also bear in mind that the cash changeover enhances price transparency across the euro area countries, thereby strengthening price competition in the euro area. This could, over the longer term, even lead to downward price movements.