in the position to adopt resulting guidelines or requirements ( in the eba case ). nevertheless, at a moment where networks or work streams are burgeoning, especially within european institutions, we should be very careful about the good coordination of these different initiatives to avoid redundancy and duplication. it is also important that the nfgs, which remains a club of the willing, ensure some minimal degree of cooperation and harmonization by issuing high - level recommendations. from this point of view, i welcome the six very important recommendation issued in april directed to supervisors, central banks and the financial sector : i ) integrating climate - related risks into financial stability monitoring and supervision ; ii ) integrating sustainability factors into own - portfolio management ; iii ) bridging the data gaps ; iv ) building awareness and intellectual capacity and encouraging technical assistance and knowledge sharing ; achieving robust and intentionally consistent climate and environment related disclosure ; vi ) supporting the development of a taxonomy of economic activities. in the longer - run, when there will be a global convergence about the necessity to issue global standards and regulatory requirements, global standard setter such as the bcbs and fsb would need to take the lead on addressing climate change - related risks. 12 1 main findings : climate change : which risks for banks and insurers? acpr. banquefrance. fr / sites / default / files / medias / documents / as _ cover _ note _ en. pdf analysis and synthesis no. 102 : “ french insurers facing climate change risks ” april 2019 acpr. banquefrance. fr / sites / default / files / medias / documents / as _ 102 _ climate _ change _ insurers _ en. pdf 2 analysis and synthesis no. 101, “ french banking groups facing climate change - related risks ”, april 2019acpr. banque - france. fr / sites / default / files / medias / documents / as _ 101 _ climate _ risk _ banks _ en. pdf 2 / 2 bis central bankers'speeches

speech payments in a digital world speech by christine lagarde, president of the ecb, at the deutsche bundesbank online conference on banking and payments in the digital world frankfurt am main, 10 september 2020 i ’ m honoured to be speaking this evening at the deutsche bundesbank ’ s conference on banking and payments in the digital world. a little over a century ago, george bernard shaw said that “ money is the counter that enables life to be lived socially ; it is life as truly as sovereigns and banknotes are money ”. so money facilitates transactions and relationships and is an expression of sovereignty. this is just as relevant in today ’ s fast - moving world. in the digital age, innovation in payments enables us to interact in easier, faster and cheaper ways. but this innovation also comes in new forms – based on private payment systems or using digital currencies – which create new risks and pose important questions of sovereignty. these issues go to the very heart of the ecb ’ s mandate. they raise new questions about whether the ecb should drive initiatives to integrate retail payments in europe, and even whether it should issue a digital euro. we have a duty to play an active role in balancing the risks and benefits of innovation in payments, so that money continues to serve europeans well. today i want to address two major trends that are shaping the global payments landscape : the first is changing consumer preferences and the second is competition to dominate payments on a global scale. and i will argue that we cannot afford to be bystanders to these trends - the eurosystem must actively advance european initiatives to strengthen european payments. 1. two trends in global payments the first major trend is changing consumer preferences. the digital revolution is transforming our lives in fundamental ways. more than four in five europeans regularly use the internet, up from one in five two decades ago. this has had a profound impact on how we communicate, how we spend and how we work. the coronavirus ( covid - 19 ) pandemic has accelerated this trend towards digitalisation. e - commerce, which has grown steadily in recent years, increased by almost a fifth in terms of volume of sales between february and june 2020, while in - store sales declined. as our lives have suddenly gone digital, so have our payments : there has been a surge in online payments and a shift towards contactless payments in shops. so it is natural for people to expect and embrace changes in the way they pay. according to the