The ECB has become a clearer and more credible inflation targeter after the clarification of its 2% inflation target, which is now both symmetric and medium-term, as I advocated here one year ago. To anchor inflation expectations, it is important to have symmetry built into the strategy so that our 2% inflation target is no longer perceived as a ceiling. Our objective is also forward-looking to help guide inflation expectations, but it does not ignore the past either. In this context, our new forward guidance announced in July plays a crucial role as it should reinforce the ECB's credibility. By incorporating conditionality on both inflation forecasts and underlying inflation outcomes relative to our 2% target, it allows us to maintain strong and persistent monetary policy action, going beyond transitory inflationary effects. This is particularly relevant at present. 2. The ECB is a pioneer among central banks in the fight against climate change. Our action here is guided by two findings: first, we have acknowledged that climate change directly affects our primary mandate of price stability. Second, climate-related financial risks are becoming first order for banks and insurers, as well as for our own balance sheet, and can no longer be overlooked. The Governing Council has agreed on a comprehensive climate action plan that commits to further incorporating climate change considerations into our monetary policy operations by 2024, and to expand our analytical modelling and statistical tools with regard to climate change.

This Accord has formulated the measuring tools for the monitoring of Key Performance Indicators (KPIs) that has assisted policy makers in implementing and refining strategies to assist the underserved. Immense progress has also been made in gathering accurate and timely data for financial inclusion KPIs. Traditionally, financial inclusion data has been scarce as they have depended on national user surveys. In this regard, the Global Findex has made a very significant contribution to financial inclusion policymakers and practitioners, as it is a database of more than 150,000 survey responses from more than 140 countries across the world. With the data from the Global Findex, which is updated every 3 years, we are now able to compare in a consistent manner the financial inclusion performance across countries and analyse trends over time. The availability of country performance data not only provides peer pressure that spurs action, but also provides empirical evidence on which financial inclusion policy actions are delivering the most optimal impact. The analysis of the Global Findex data has provided strong evidence that countries which adopted mobile banking outperformed those that did not. Such empirical evidence facilitates policymakers and the private sector in their drive for greater financial inclusion. Priorities for greater financial inclusion In these recent years, there has been significant progress in advancing financial inclusion across the world. According to the Global Findex, 700 million adults have gained access to formal financial services since 2011. This is indeed a significant achievement. Yet 2 billion adults today are still unbanked.