Vítor Constâncio: Banking Union and the European crisis Opening remarks by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the 6th Santander International Banking Conference, Madrid, 5 November 2013. *  *  *  Ladies and gentlemen, Thank you for inviting me to speak today at the Santander International Banking Conference that has become over the years a very relevant event. A window of opportunity is currently open for the banking sector in Europe. We have the possibility to change how the banking sector serves the economy; to implement adequate regulation and ensure its stability and efficiency; and with banking union, to reform how banks are supervised and resolved. If we make the most of this opportunity, we can put the banking sector on a sounder footing for a generation. We therefore face a profound responsibility as policymakers to get these changes right. Today’s conference includes many expert speakers who will go into detail on the on-going reforms of the banking sector. I would therefore like to use my remarks today to recall why the Single Supervisory Mechanism (SSM) was the necessary response to the crisis and how the design of the SSM is addressing some of the weaknesses in the initial architecture of EMU. The point I will emphasise is that one of the main drivers of the crisis was private imbalances financed by banks in both core and peripheral countries.
Thomas Jordan: Innovation and entrepreneurship - key success factors in a changing business environment Summary of a speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Award ceremony 2018, De Vigier Foundation, Solothurn, 30 May 2018. * * * The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). For many decades, Switzerland has been among the world’s most successful economies. If it is to maintain this position in future, openness to new technology will be essential. In addition to taking over technologies created elsewhere, Switzerland will need to ensure that domestic companies are able to develop their own market-ready innovations. Various factors can facilitate success on this front, whether in established companies or startups. Above-average operating conditions – including low bureaucratic hurdles for the set-up and day-to-day running of companies, reliable patent law and ready access to financing, for example – are crucial. Another important parameter is open market access, not least for foreign competitors; barriers to entry for new firms are extremely harmful to economic wellbeing. The education system is also a significant determinant of a country’s innovative potential. Switzerland invests heavily in high-quality education, both at university level and in the form of specialist vocational training schemes, which helps explain its status as a global leader in research and development. And finally, it is vital to promote a culture of entrepreneurship.