There are connections to the fixed income market in both of these considerations. However, this does not mean that we have an opinion on which system solutions the market chooses as long as they fulfil reasonable requirements for security and efficiency. This area lies outside of our core objectives. This is why we also remained outside of the discussion on a fixed income future a few years ago. Given this, I would like to share a few, brief reflections with you. Firstly, I shall go through the advantages of electronic trading. My views on this are mainly a matter of principle. After that I intend to make some brief comments on a few aspects of the Swedish fixed income market today and in this context say a few words on the consequences that electronic trading may entail. Finally, I intend to take up a more specific question, settlement on the fixed income market. We do not consider that this functions sufficiently well from a financial stability perspective. Electronic trading, an opportunity Let me begin by pointing out that electronic trading systems are being used to an increasing extent around the world. It seems reasonable to assume that this means they have clear advantages, otherwise private players would not invest in them. However, a public authority naturally also wonders whether they involve some kind of risk. With this in mind, there has been a study on electronic trading 1 systems made within the framework of the G10 central bank co-operation.
Vahur Kraft: The euro in Estonia - the agenda and practical aspects Speech by Mr Vahur Kraft, Governor of the Bank of Estonia (Eesti Pank), at the international conference “Euro currency - French-German experience and Estonia future”, Tallinn, 30 September 2003. * I. *  *  Introduction  Based on the requests addressed to Eesti Pank information service we can say that there is a most encouraging - if somewhat surprising interest in Estonian national euro-coins among the general public - although these coins do not exist as yet. Some people are convinced that we have the euro coins already; the others would like to register in order to be the first to receive the new coins. But every coin has two sides - and in this case it means that a very significant percentage of the Estonian population are not at all eager to take leave of the Estonian kroon and replace it with the euro. They would like the central bank to proceed slowly. That puts the central bank into the unusual position of arguing for speed and decisive action instead of a conservative approach while the public is still somewhat confused by the recent results of the Swedish euro referendum. The Swedes would have liked, perhaps, to be a bit more papal than the pope - and they certainly have achievements to be proud of. But for Estonia - and with a long-term view in mind - proceeding rapidly and adopting the euro as soon as feasible would be the best.