I fully share the assessment put forward in these reports and I would like to stress here the special responsibilities of central banks, due to their position at the heart of financial systems: their role as liquidity supplier to the economy, their close and constant contact with credit institutions, their contribution to banking supervision and to the safe and efficient functioning of payment systems, and at least for some of them, their contribution to the safe and efficient functioning of securities clearing and settlement systems. To sum up, an institutional framework in which the Eurosystem’s responsibilities for monetary policy in the euro area are coupled with extensive supervisory responsibilities of NCBs in domestic markets, and with reinforced co-operation at an area-wide level, seems appropriate to tackle the changes triggered by the current financial trends and the introduction of the euro. Two points of particular relevance for the financial regulatory framework Let me conclude on this important topic by stressing two points of particular relevance for the European financial regulatory framework: -  There are still some barriers to further integration of EU capital markets. In this regard, the Eurosystem welcomed the objective of the European Council meeting in Lisbon in March 2000, to accelerate completion of the internal market for financial services, and to set a tight timetable so that the Financial Services Action Plan can be implemented by 2005. This Plan is regularly reviewed by European authorities, and progress is being made.
This is a unique and highly symbolic event for Europe. As regard France, the early changeover of non-cash payments in 2001, and the rapid introduction of banknotes and coins in euro in early 2002, proved to be a success and entirely in line with the scenarios devised in consultation with all the involved parties (the banking sector, cash-in-transit companies, the Police and the Army, retailers and the general public). In France, almost 70% of non-cash payments were in euro at the end of December 2001. Since 1 January, all transactions have been conducted in euro, and no major incidents came to light, thanks to the early use of non-cash payments by the general public throughout the second half of 2001. This was also a key factor in the rapid acceptance of the banknotes and coins by the public. Similar success has been witnessed in all European countries, thanks to national efforts and the co-ordination by the European Commission and the Eurosystem; a month and a half after the  introduction of euro banknotes and coins, more than 95% of cash transactions in the euro area are now being carried out in euro. Although the practical changeover to the euro might be considered as an outstanding achievement, we should nevertheless remain vigilant on the following issues: ·  First, price stability. Although some increases in prices of a certain number of consumer goods have been reported, it is likely that, overall, the effect on price stability will be marginal.