Therefore, Pfandbrief issuers fear massive threat to their business activities. The Commission plans to present draft legislation on the implementation of Basel III before the summer. 3. Covered bonds as collateral for Eurosystem refinancing operations  I would now like to elaborate on the role of the Pfandbrief in European monetary policy. All Eurosystem credit operations have to be based on adequate collateral.
*  *  *  I will begin my remarks by taking a stock of the progress that has been made in the implementation of MDG agenda so far before I dwell on the Goal 8 specifically. My main sources of information are the Global Monitoring Report 2004 prepared by the World Bank and the Human Development Report 2003 prepared by the UNDP.