, such as agriculture or tourism. capital destruction could also be very important. furthermore, since not all geographies would be equally affected, the migration of activities and of the population in some areas might increase, generating an impact on the financial sector as well. moreover, uncertainty over see the financial stability board ( november 2020 ) : the implications of climate change for financial stability these processes could undoubtedly have a profound impact on the financial sector in the medium to long run. in parallel with physical risks, the transition towards an environmentally sustainable economy entails a sweeping change in production technologies and a reallocation of activity across sectors and companies. actually, such restructuring will mean that, in the short run, some sectors will increase their profits while others will incur losses, with obvious implications for the financial system and its stability. these changes in profits may come from the need to adapt towards greener ways of producing, owing to shifts in consumer and investor sentiment, from public regulation or taxation. in this case, for estimating transition risks, the most relevant factors are the carbon footprint and the environmental impact of the sectors and companies to which financial firms are exposed. the impact of climate change on inflation beyond its effect on the financial sector, climate change could have a fairly direct impact on central banks ’ ability to stabilise inflation. policies aimed at promoting the transition towards a carbon - neutral economy – such as carbon taxes – are likely to affect the volatility of headline inflation, which includes energy prices. most inflation - targeting central banks, including the ecb, target headline inflation, because it is more representative of the citizens'consumer basket than other notions of inflation. in any case, the ecb ’ s medium - term orientation of our price stability objective provides us with some leeway to see through transitory energy - driven increases in headline inflation. beyond energy prices, non - energy prices – and hence core inflation – would not be isolated from the impact of climate policies either. to the extent that carbon - intense producers of non - energy goods and services pass the costs of rising carbon taxes and other interventions on to their consumers, we could also see sizeable upward pressure in core inflation. all in all, persistent upward pressure on, or substantial volatility in, headline inflation stemming from sustained climate policies could lead us to rethink how we formulate our policies in pursuit of price stability over the medium - term horizon. climate change and the natural interest rate more indirectly, but no less importantly,

16. 07. 2020 50th anniversary of the unaac margarita delgado deputy governor good afternoon. thank you very much, manuel. and my thanks also to cristina for this invitation for me to speak to you today, on the 50th anniversary of the unacc. it is a shame that we have not been able to celebrate this anniversary as was originally planned. we are living through strange and difficult times, but we must adapt to them. yet despite this unique scenario, a 50th anniversary is an event well worth celebrating. anniversaries, especially those which mark the passage of a decade, not least a halfcentury, are an ideal time to take stock of our achievements. undoubtedly during this period a great deal has been achieved, but if you will allow me, in my supervisory capacity, i would like to make some mention of those areas where we must continue to improve. over these 50 years we have been through several banking crises. the picture of our financial system as it stands today is naturally the result of these crises. and one point to note in this “ family ” photo is the large number of cooperatives which are present. the truth of the matter is that a highly significant number of credit cooperatives, or rather, a highly significant number of yourselves, have overcome these crises. to do so, you have undoubtedly used your strengths, which i believe most notably include your close relationship with your customers, your extensive knowledge of the local economic situation and your down - to - earth management ( far removed from speculative business models and focused on harnessing your knowledge of those customers and their needs ). furthermore, on a day like today, i feel that it is fair to highlight as one of your strengths your ability to support one another when necessary. you know better than i do that mutual support is one of the basic principles of the cooperative movement, and over these 50 years you have demonstrated that solidarity is an essential means for overcoming problems and difficult situations. indeed, if we look back in time we see that today ’ s society – and economy – are very different from those of 50 years ago. so another key to your success lies in your ability to adapt to that changing reality. the crisis triggered by covid - 19 is clearly a dramatic test of how changeable things can be. it is obvious that, for once, the origin of the crisis is not financial and is not linked to macroeconomic imbalances. nevertheless, although this crisis is unrelated to previous ones, there is something that