The need to address such gaps prompted important decisions in the EU with the objective of establishing a new framework for macro-prudential oversight at EU level. Following last week’s approval by the European Parliament of the relevant legislative proposals, this institutional lacuna will be filled at the beginning of 2011 with the establishment of the European Systemic Risk Board as a new EU body responsible for conducting macro-prudential oversight at the European level, with the conferral of specific supporting tasks on the ECB. This is part of a broad comprehensive review of the EU institutional framework for supervision, which includes also the enhancement of micro-prudential supervision through the establishment of three European Supervisory Authorities – ESAs for the banking, securities and insurance sector respectively. The ESRB will be chaired by the ECB President. The membership with voting rights (37) will include all the Governors of the EU central banks (27). This will ensure that the financial stability analysis of the ESRB will benefit from the macro-economic, financial and monetary expertise of the EU central banks. The ESRB will be responsible for the macroprudential oversight of the EU financial system and will have the following main tasks: (i) the identification and prioritisation of systemic risk: (ii) the issuance of risk warning and where appropriate recommendations for remedial action; (iii) the issuance of a warning to the Council of Ministers on the existence of an emergency situation, to trigger further action from national and EU authorities.
Caleb M Fundanga: Setting new standards for cellphone banking Opening remarks by Mr Caleb M Fundanga, Governor of the Bank of Zambia, at the Celpay 2010 Mobile Payments Conference, Lusaka, 27 October 2010. *  *  *  The Chief Executive Officer Celpay International BV The Managing Director – Zain Zambia Limited Managing Director, Celpay Zambia Ltd, Mr Miyanda Mulambo The Conference Chairperson, Mr Maxwell Banda Representatives of Commercial Banks and Financial Institutions present Representatives of International Organizations present Representatives of Zambian business associations Distinguished invited participants Members of the Press Ladies and Gentlemen, It is an honour and privilege for me to officiate at the 2010 Mobile Payments Conference. This year’s conference follows the success of the inaugural 2009 conference and it is therefore my earnest anticipation that as in 2009, you will find the 2010 conference productive and beneficial. The conference provides an excellent opportunity for the exchange of views and sharing of ideas on how to continuously improve the functioning of our financial systems against the backdrop of the global financial turmoil. Mr Chairman, Allow me to begin by commending Celpay Zambia Limited, for making the mobile banking conference an annual event. I hope that the Conference will provide a forum for long-term collaboration in the area of Mobile banking to provide sustainable banking solutions to our people. The Bank of Zambia applauds this initiative which is collaborative and consultative.