in their respective fields of responsibility, continue to be essential in dealing with the current inflation shock and financial system imbalances. in the current challenging macro - financial environment, macroprudential buffers contribute to preserving and strengthening banking sector resilience. hence, i very much welcome that some national authorities – in close collaboration with the ecb – currently assess the extent to which there is merit in implementing additional macroprudential measures. the macroprudential policy response should consider the current near - term headwinds to economic growth since policy tightening should not result in an unintended tightening of credit conditions. interactions between monetary and macroprudential policy become even more pronounced in a monetary union where monetary policy, by definition, will be focusing on area - wide economic and financial conditions. in fact, macroprudential policy targeting imbalances building up at national level within the monetary union can help to achieve better policy outcomes in terms of price and financial stability. 1. an important example of such structural fiscal policy is the next generation eu ( ngeu ) programme, with a strong focus on the green transition comprising an expected €401 billion to be invested in euro area countries ( around 3. 3 % of 2021 euro area gdp ) over 2021 - 27, see also bakowski et al. ( 2022 ), " the economic impact of next generation eu : a euro area perspective " occasional paper series, no 291, european central bank. 2. this is the rate of interest where monetary policy is neither accommodative nor tightening and where the economy is operating at its potential output. 3. before the pandemic, the countercyclical capital buffer in the euro area accounted for only 0. 2 % of the capital stock. see also de guindos, l. ( 2019 ) " 3 / 4 bis - central bankers'speeches 3. macroprudential policy after the covid - 19 pandemic ", panel contribution at the banque de france / sciences po financial stability review conference " is macroprudential policy resilient to the pandemic? ", 1 march. 4. estimates for energy - related fiscal support by euro area countries were at 0. 8 % of gdp for 2022 in july this year and may further rise depending on global developments. see also european central bank ( 2022 ), economic bulletin, issue 5, box 7 : " euro area fiscal policy to the war in ukraine and its macro

to check. our single currency is a key step within the on - going process of european integration. the euro banknotes have become the most visible symbol of that process. the euro has become moreover a symbol of solidarity in times of crisis, with the euro area assisting countries that have to go through tough but necessary adjustments. with the support of their european partners the spanish authorities have been decisive in embarking on a financial adjustment programme that has helped to clean the balance sheets of the weakest banks and recapitalised them with fresh funds. this has laid the foundations for a revival of the flow of credit to the real economy. allow me a personal remark, that i have the greatest respect for the spanish people who are experiencing hard times but are sticking to their commitments and responsibilities. ladies and gentlemen, i sincerely hope that you will enjoy visiting the new face of the euro exhibition. without further ado, it is a pleasure for me to declare the exhibition open. bis central bankers ’ speeches