Despite their cost magnitude, we persist  BIS central bankers’ speeches  1  with these investments because we believe that once properly leveraged they will enable the organisation to do more with less by: (i) increasing staff efficiency and productivity; (ii) strengthening relationships with the organisation’s customers; and (iii) fostering more effective collaboration with various business partners to quicken the speed at which data that is required for decision-making can be provided. In striving to achieve these goals, we are exposed to the likelihood of being affected by the major risks that are attendant with information technology use. Consequently, the institution continues to allocate resources to: (a) make its information systems and the supporting technical infrastructure more reliable and resilient; and (b) protect the integrity of the institution’s data assets. Achievement of the foregoing objectives is heavily dependent on all information technologyrelated activities and investments being channelled in a manner that is consistent with the organisation’s goals and needs – the so called IT/business alignment challenge that appears to be so elusive in many cases. Here, from a management oversight perspective, one cannot overemphasise the necessity of embracing governance mechanisms that are fit for purpose. To remain relevant, the information technology function must continually evaluate and if necessary enhance its existing capability to ensure that it can meet the requirements of core business processes while being in tune with the current and envisaged directions of the organisation.
In short, some sort of European investment agency, whether in the form of a new or an existing euro area body, with the capacity to issue bonds, might be able to target an optimal fiscal policy stance, while providing the economy with more safe assets, thus facilitating monetary policy transmission, increasing the international role of the euro and completing the Banking and Capital Markets Union. Twenty years ago, the euro was seen, in Christian Noyer’s words, as a catalyst for integration. This view is now as valid as it was then. In order to achieve price stability, the single currency generates the need to pursue sound economic policies. But it is clear now that monetary integration does not immediately lead to financial integration. This is an ongoing process, and the governance framework to guarantee the success of the European project is still developing. We must endeavour to achieve completion of the Capital Markets Union and the Banking Union. This will also require progress towards the Fiscal Union. A European safe asset lies at the heart of all of these initiatives. But, more often than not, the heart is the most difficult place to reach. I am sure that these two days will bring advanced research and a constructive exchange of views to bear on this and other important areas of the euro area architecture. Thank you for your attention. 8/8