term challenges, monthly report, september 2023, pp. 15 - 35. 2 oecd ( 2020 ), trade policy implications of global value chains, oecd trade policy brief. 3 world bank ( 2020 ), world development report 2020 : trading for development in the age of global value chains 4 international energy agency ( 2021 ), the role of critical minerals in clean energy transitions, world energy outlook special report. 5 khalil, m. and weber, m. - d. ( 2022 ), chinese supply chain shocks, bundesbank discussion paper series, no 44 / 2022. 6 economist impact ( 2022 ), trade in transition 2022, chapter on " the great reconfiguration ". 7 deutsche bundesbank ( 2023 ), the significance of china as a supplier of critical intermediate inputs to german firms, box, monthly report, september 2023, pp. 21 - 22. 6 / 6 bis - central bankers'speeches

sabine lautenschlager : the leverage ratio – a simple and comparable measure? speech by ms sabine lautenschlager deputy president of the deutsche bundesbank, at the evening reception of the deutsche bundesbank / safe conference “ supervising banks in complex financial systems ”, frankfurt am main, 21 october 2013. * 1. * * introduction ladies and gentlemen, i am very happy to welcome you to the guest house at the deutsche bundesbank ’ s central office. it ’ s a pleasure to have you here. although you will have noticed that our premises are located somewhat outside of the city centre, it ’ s only a ten - minute walk to the goethe university ’ s campus from here. this isn ’ t just convenient for those of you who decided to walk from the university to the headquarters of the deutsche bundesbank. having a walking distance between the bundesbank and the goethe university also facilitates exchange and cooperation between the two institutions, which both have a strong stake in financial market and regulation research. i value this exchange very highly and i am convinced that cooperation in this field is indeed a very good idea. i therefore also would like to thank the safe center at the goethe university, who has organised this conference together with the deutsche bundesbank. i would also like to extend a particularly warm welcome to all of the contributors to today ’ s conference sessions. the conference asks a very fundamental question : how can we, how should we supervise banks given that the financial system is inherently complex? many books were and still will be written to examine this question comprehensively, and they will offer different and sometimes contradictory answers ; at least, that is my prediction. i nevertheless want to share my fundamental view of this topic with you. so, how can or should supervisors deal with complexity? i am convinced that in a complex world – first – supervisors need a toolbox with different instruments to cope with this complexity, and – second – those tools will not generally be that simple. as i ’ m sure you are aware, i am not an academic but a practitioner. and as a practitioner i ’ ll give you a practical example to make my point. i ’ d like to talk about a measure you all know very well : the leverage ratio. it ’ s not really a new concept, but it ’ s certainly a fashionable one. it has been claimed to be a simple fallback measure for dealing with an increasingly complex banking system, a kind of panacea for complexity