frank elderson : the challenges facing the ecb and europe opening statement by mr frank elderson, executive director of supervision of the netherlands bank, to the economic and monetary affairs committee of the european parliament ( virtual ), 9 november 2020. * * * in his opening statement in european parliament at the formal hearing for the position of member of the executive board of the ecb, frank elderson spoke about the challenges facing the ecb and europe, notably covid - 19 and the climate crisis, and about gender diversity. * * * dear madame chair, honourable members of the european parliament, it is an honour for me to speak to you today. unfortunately, the covid - 19 restrictions make it impossible to come to the parliament physically. as soon as circumstances allow, it would be my privilege to meet you in person. this hearing takes place at a time of great challenge for europe. covid has caused deep human suffering throughout our communities, and has taken a severe toll on our economies. the climate crisis remains as daunting and urgent as ever. these challenges present us, as policymakers, with a solemn responsibility. both the european parliament and the european central bank have a key role to play in steering europe through the current crises, and in making it better and stronger for the future. being fully conscious of the importance of this moment, i feel especially humbled and honoured to have been selected as a candidate for member of the executive board of the ecb. i welcome this hearing as a key step in the appointment process. central bankers are independent and unelected. yet their decisions have an enormous impact on the lives of citizens. for their legitimacy, it is essential that central banks operate within their legal mandates, listen to concerns of the public, and account for their decisions to the people and to you, their representatives. in my short remarks, i will outline my experience before discussing my views on the challenges facing the ecb and europe in the near and medium term. finally, i will turn to gender diversity. qualifications i have been a central banker for most of my career. i have been a member of the governing board of the dutch central bank for more than nine years. at european level, i am a member of the ecb supervisory board and i served as one of the first members of the single resolution board. at international level, i am a member of the basel committee on banking supervision, and i chair the central banks and supervisors network for greening the financial

these regions – so they are not creating such work places. dear colleagues, as i have mentioned, we have chosen the topic of the labour market for this conference because we consider it one of today ’ s most burning issues. additionally, we chose it because economists ’ projections, unfortunately, show the worst - case scenarios as the more likely ones. but the main reason is that we can still adjust those scenarios so that the curves go upwards rather than downwards. 3 / 4 bis central bankers'speeches i am aware that we will neither make nor implement decisions today. yet, seeing such a professional, engaged and competent group of participants, i am confident that we can stimulate a positive turn. that is my hope for all of us here. i thank you for your time, and wish you fruitful discussions. 1 eurostat projections. 2 e. g. abeliansky a., prettner k. 2017 ; acemoglu d., restrepo p. 2018. 3 nedelkoska l., quintini g. 2018. 4 oecd 2017, education in lithuania, reviews of national policies for education, oecd publishing, paris. 4 / 4 bis central bankers'speeches