then came back down to 70 %. in spain, it progressively increased from 30 % to 130 %, and then stayed there. this underlines that within a monetary union, domestic conditions and domestic policy choices continue to matter, particularly when they relate to fostering productivity growth. conditions and choices which allowed ireland to grow out of its public debt problem. that ability to recover is also a key factor for resilience, which is so very vital when new financial stability risks are likely to materialise, and which is especially important for small, open economies. for tigers and lions who have to be prepared to survive desperate weather, a dirty looking sky or a great drying out. for tigers and lions who know that financial stability is an unstable asset. for tigers and lions who live every day with the truth of what rudiger dornbusch once said in reference to the tequila crisis in 3 / 4 bis - central bankers'speeches mexico " it took forever and then it took a night ". that is why tigers and lions prefer to live in a european and global habitat. because international cooperation, a global approach, is the best way to ensure financial stability, to counter external shocks, to be prepared for changing conditions. to cope with the economic weather. experience has taught us that global financial stability risks, like any global challenge, are best dealt with using a globally consistent approach. think of the response to the covid pandemic. that has shown us how coordinated, fast - paced and effective policy - makers can be when we face a common challenge. for example, the eu - wide loan repayment moratoria scheme made sure that the financial sector provided financial relief, and not financial distress, to households and businesses. the emergency liquidity made available by the ecb preserved smooth financing conditions and ensured that financial institutions in the euro area could continue to support the real economy. the suspension of dividend payments and the release of capital buffers across several countries made sure that banks had sufficient room to absorb losses. in short, international cooperation made sure that banks were not part of the problem, but a very valuable part of the solution. and, looking back at our financial trilemma : completing the banking union would take the financial trilemma to its logical conclusionyes, small, open economies, tigers and lions like ireland and the netherlands, benefit from international cooperation and from the ability to predict and adapt to risks. because we all know : when it comes to financial stability, nothing

needs to be the year when basel iii is transposed into eu law and the solvency ii review is completed. regarding crypto - assets, the disruption seen in 2022 is nourishing one basic conviction : france should switch as soon as possible to the compulsory authorisation of dasps ( digital asset service providers ) rather than simply requiring their registration. and this needs to happen well before mica enters into force, to create the necessary framework of trust. 2 ) less protection and more adaptation. the government can cushion the energy shock temporarily, but it cannot make it disappear. this is not just a temporarily blip, it is a new economic landscape to which we have to adapt. we therefore need gradually, over the next two to three years, to bring energy subsidies down towards zero. and to spread the energy bill more efficiently across businesses and households, making sure to be fair to households – via measures that are better targeted towards the worst affected – but also to keep businesses competitive. in the long term, the key is, of course, everything that beefs up our productive capacity through the three major supply - 1 / 2 bis - central bankers'speeches side transformations : the energy transformation first ; the digital transformation ; and the transformation of labour, which must be both more abundant and more qualified. our growth will benefit, and inflation will be kept more under control. to sum up, the weapon that will allow us to declare a lasting victory over inflation is not fiscal, it is first of all monetary and then structural. 2 / 2 bis - central bankers'speeches