Once we have mastered the art and science of supervising full service financial organizations, then perhaps we should consider further combining banking and commerce. Technological change and financial innovation are combining to change profoundly the way financial institutions measure, take, and manage risk. These require that financial supervisors also adapt, and we need to move forward in this endeavor.
Moreover, the ECB cooperates at the technical level with central banks or law enforcement authorities in key countries outside the euro area where euro banknotes are circulating. In addition, bilateral cooperation agreements on combating euro counterfeiting have recently been concluded with the Bulgarian National Bank and the National Bank of Ukraine. I am now ready to answer your questions. BIS Review 52/2004  3