a good thing. because it undermines trust – trust in our rule of law, in the security of our society, and in the integrity of our financial system. in addition to banks, more and more people and businesses are relying on you for payment transactions. and it's your job – at least in part – to accept only clean money. to refuse dirty money. to guard the gate to the financial system, and in doing so, to keep it clean. or at least, clean - er. of course, there are many gates to the financial system – and you only have to guard yours. but criminal money will try every gate – so we depend on each other to keep the system we work in, the system we work on, to keep that system as clean as possible. next to this type of integrity risk, another type of integrity risk has received a lot of attention recently. and that is sanction risk. after russia invaded ukraine, an act of aggression that is, by any measure, unjustified – the european commission introduced a whole package of sanctions. and those sanctions are partly designed to prevent certain transactions to and from russians on the sanctions list. and also in this case, you have a vital role to play. at de nederlandsche bank, we are very aware of the investments your industry has already made to guard your gate. regarding anti - money laundering. regarding antiterrorist financing. and regarding sanction risk. but unfortunately, we also know that some in your sector are still lagging behind. that in too many cases, basic housekeeping to mitigate these important risks is still insufficiently organised. to those of you to whom this applies, i say : we expect more from you. and let me add that you can also expect something from us, your supervisor. and that is our commitment to focus our supervision on where risks can actually materialise. and that we can have a conversation about this. let me illustrate this. your sector raised a concern to dnb regarding the obligation to screen all transactions from all shoppers. while i do not want to go into legal and technical details, i do want to emphasize that we take your feedback seriously. of course, i understand that when i buy a book on sailing online, and my payment goes through one of your institutions, it has little value added for us if we require you to check whether or not i am on the sanction list. 2 / 5 bis - central bankers'speeches

past 13 years. • the first lesson is that our policy responses need to be holistic. in the heat of the battle, the right mix of fiscal, monetary and financial policies is needed. all of them need to play their part. interactions between them are important, as in earlier crises. • the second lesson is that within this holistic approach, fiscal policy must be in the lead in order to minimize scarring of our production capacity. it is important that the fiscal stimulus is not prematurely withdrawn but rather remains geared towards supporting ailing businesses. it may even have to be scaled up to buffer the effect of the renewed containment measures. timely and correct use of the next generation eu recovery package can and will play an important role in this respect as well. • the third lesson is that monetary authorities have to stand ready to act and contribute to tackling any escalation of the corona crisis. but beyond that, there are limits to what monetary policy can achieve. • with renewed fears about a resurgent corona pandemic and renewed restrictions imposed to contain it, aggregate demand is inelastic with respect to financing conditions. in such a situation, it would seem more fruitful to directly focus on financing conditions to ensure that demand can display its full elasticity once no longer constrained. the best that monetary policy can then do in support of the economic outlook, is to continue to neutralize the tightening effect that the pandemic would otherwise have on the highly accommodative financial conditions that were already in place pre - corona. • we have announced that at our december meeting we will recalibrate our monetary instruments. this will also include a reflection on the efficiency of the use of these instruments, with a view to providing effective support for the euro area economy. • the fourth and last lesson is that for the post - crisis recovery phase in the euro area, growth - enhancing structural reforms are key, because they attack problems at their roots. the inevitable but unprecedented fiscal spending will raise public deficits and debts substantially. future generations can only bear and redress such debt burdens if simultaneously structural measures are taken to protect the public investments needed to boost potential growth. • and with this, let me conclude.