influence inflation dynamics. the increase in prices of energy and energy - sensitive goods and services contributed around 6 percentage points to euro area inflation at its peak in october 2022. furthermore, climate and nature - related risks create financial risks on the balance sheets of financial institutions. these risks can lead to losses or higher funding costs, reducing the flow of credit to the real economy. this can also affect the transmission of central bank policies to the financing conditions of households and firms. in the euro area, banks are exposed to climate - related risks, with high - emitting sectors over - represented in their corporate loan portfolios, accounting for over 70 % of corporate lending. [ 9 ] these risks also extend to our own holdings of corporate bonds. finally, these risks are also unique in that, unlike for instance geopolitical risks, central banks can contribute towards mitigating them. there is broad political consensus on the need to tackle the causes of climate risks. and while governments are in the lead and have the most powerful tools, we can also play our part, within our mandate, in preparing the economy for the future. so, what is the ecb doing? what the ecb is doing first of all, we are maintaining price stability, which is essential for the transition to a low - carbon and circular economy. the green transition requires substantial investment, and a stable inflation outlook gives firms greater visibility on investment costs, which is particularly important for green projects given their long - term planning horizons. moreover, price stability supports the relative price signals from policies such as carbon pricing, improving their efficiency. but beyond creating the right conditions for investment, we are committed to playing our part to address climate change, within our mandate. our approach can be summarised with three key words : analysing, advising and acting. analysing the basis of contributing to addressing climate change – within the scope of our tasks – is our analysis of how it affects the economy, the financial system and our own activities. in recent years, we have made significant strides in understanding climate risks. our findings show that delaying the green transition may result in increased long - term costs. [ 10 ] furthermore, climate change may pose systemic risks to financial stability [ 11 ], and the degradation of nature may pose additional risks in this area. but there is still more ground to cover. that is why we have announced our climate and nature plan 20242025 [ 13 ], which builds on existing work and explores new frontiers

’ s interest in other languages. the name of this booklet is : ( in espanol, catala, euskara, galego, valencia ) • ana y alex contra los falsificadores de billetes • l ’ anna i l ’ alex contra els falsificadors de bitllets • ana eta alex, billete - faltsutzaileen aurka • ana e alex contra os falsificadores de billetes • ana i aleix contra els falsificadors de bitllets after these introductory remarks it is now a pleasure for me to declare this euro exhibition open. you are kindly invited to come closer to view the exhibition and the children ’ s booklet.