This framework should be accompanied by added transparency in all the phases of trading, with financial education assuming a special place. Only in this way would we be able to deepen and expand, in real terms, the financial market, and through it a higher efficiency in implementing economic and financial policies, in mobilising and using national savings, in financial inclusion, in economic activity growth, and in enhancing the welfare of the population in the long run. In the hope that the proceedings of this conference will be characterised by a fruitful exchange of ideas and views by the participants in this room, Thank you for your attention! 4/4  BIS central bankers' speeches
Niklaus Blattner: Recent financial and economic developments in Switzerland Introductory remarks by Mr Niklaus Blattner, Vice-Chairman of the Governing Board of the Swiss National Bank, at the half-yearly media news conference, Geneva, 17 June 2004. *  *  *  The new National Bank Act obliges the Swiss National Bank to contribute to the stability of the financial system. In performing this task, the National Bank focuses on the stability of the banking sector and of the financial market infrastructure. Implementation rests on three pillars: first, regular analysis and assessment of the banking system (referred to as “macroprudential oversight of the banking sector”); second, oversight of systemically important payment and securities settlement systems (referred to as “system oversight”); and third, if preventive oversight is not adequate, crisis management measures. Today I will be talking mainly about the first and second areas of our activities with reference to the Financial Stability Report 2004. You have already received this document (subject to an embargo). I will also talk about emergency liquidity assistance, which is one of the instruments used to deal with crisis situations. And I will draw your attention to another publication appearing today: the summary of the 2003 statistical yearbook “The Banks in Switzerland ”. While this statistical publication focuses on reporting, the Financial Stability Report ventures into the domain of analysis and evaluation. Macroprudential oversight of the banking sector The Swiss National Bank follows developments in the banking sector from the macroprudential angle.