It has also been entrusted with other basic functions, such as conducting foreign-exchange operations consistent with the exchange rate policy established, holding and managing the official foreign-exchange reserves of the Member States, and promoting the smooth operation of payment systems. Since 2014, under Article 127(6) of the TFEU and Council Regulation (EU) No 1024/2013 (the “SSM regulation”), the ECB is responsible for specific tasks relating to the prudential supervision of banks located in the participating Member States. The ECB performs these functions within the framework of a Single Supervisory Mechanism made up of the ECB and the national competent authorities, as explained in Part 2 of this Annex. Finally, the ECB has the exclusive right to authorise the issue of banknotes in the euro area, to compile and produce statistics in collaboration with the NCBs in the performance of their functions, and to issue reports on consultations on legislative initiatives of the EU or of the national authorities concerning its sphere of competence. The organisation of the Eurosystem is based on the principle of decentralisation. Decision-making is centralised, while the implementation of decisions is decentralised. In practice, the NCBs perform almost all operational tasks of the Eurosystem: they conduct the monetary policy operations and, as agents of the ECB, manage its foreign reserve holdings, provide payment and securities settlement facilities and ensure the manufacture, issue and post-issue handling of euro banknotes. They also collect statistics for the ECB, collaborate with the ECB on translation and the production of publications and contribute to economic analysis and research.
So far, with robust cushions, Thailand has fared well from external shocks compared to other Emerging Market economies. This does not mean we can be complacent. 6  BIS central bankers’ speeches  Our country is in need of reforms to address long-term structural problems, similar to having a more powerful engine, enabling us to reach our destination faster. Fortunately, though, our economy is currently equipped with strong buffers, similar to a robust suspension system in a car, smoothing our ride through bumpy roads. Ladies and Gentlemen, Let me assure you that the Bank of Thailand will do our part to ensure a stable and resilient macroeconomic landscape. We will accommodate changes, especially those in the financial system, which will put Thailand on a stronger footing and in a more competitive position. I am confident that Thailand will ride forward with the much more powerful engine it deserves. Thank you very much for your attention. BIS central bankers’ speeches  7