to a future that is not only environmentally resilient but also to a sustainable economy. let me end with a quote from thanos, the villain from marvel's avengers : infinity war. to a question from gamora, he said, and i quote, " little one, it's a simple calculus. the universe if finite, its resources is finite. if life is left unchecked, life will cease to exist. it needs correcting. " while i don't agree with him on wiping off half of the human population from this beautiful planet, we call earth, to preserve endangered species and our environment, but he certainly has a point. we cannot go on unchecked. our actions need to be calibrated and corrected. such calibration will inevitably be guided by your robust research and valuable findings today. thank you and i wish you a fruitful conference ahead. 1 wef global risks report 2023, world economic forum 5 / 6 bis - central bankers'speeches 2 ipbes - ipcc co - sponsored workshop on biodiversity and climate change, ipbes secretariat 3 new nature economy report, world economic forum 4 implementation of the kunming - montreal global biodiversity framework at the national level by malaysian business and private sector community, bernama 6 / 6 bis - central bankers'speeches

increase. cross - border banking groups will be able to optimise their internal management of capital and liquidity. further efforts to reduce fragmentation and a drive to achieve genuine banking integration can help europe exit the crisis in at least three ways. first, more integrated banking markets intensify competition : banks, as well as other financial market participants, will have to change their strategies. more competition means that capital is allocated more efficiently. this promotes access to new funding opportunities for companies, encourages investment and thus contributes to higher economic growth. small and medium - sized enterprises without direct access to capital markets, in particular, may benefit the most from defragmentation. second, for the ecb, a re - integrated banking sector will ease the transmission of monetary policy impulses and thus enhance the effectiveness of monetary policy. see mongelli, “ the mutating euro area crisis – is the balance between “ sceptics ” and “ advocates ” shifting? ”, occasional paper series, no 144, ecb, frankfurt am main, february 2013. see draghi, “ financial integration and banking union ”, speech delivered at the conference for the 20th anniversary of the establishment of the european monetary institute, brussels, 12 february 2014. bis central bankers ’ speeches third, in several monetary unions, genuine financial market integration helps smooth out the effects of asymmetric shocks. this mechanism of risk sharing can operate through income insurance, for example, when a country ’ s residents hold claims to dividends, interest or rental income from investments in other countries. 7 in the us this form of risk - sharing has been shown to be more important than federal budget transfers. in the euro area, such risk sharing will need to assume an increasingly more important role, especially given the absence of a more significant central budget. 8 on the other hand, incomplete financial integration carries significant risks. as the crisis has demonstrated, financial integration increased the risk of contagion, without in parallel generating adequate risk - sharing arrangements to offset its adverse effects. for example, increased cross - border interbank funding was not accompanied by a sufficient diversification of investment risks. as a result, banks in some jurisdictions quickly accumulated significant exposures to local assets ( such as real estate ), and when the crisis hit, cross - border funding was quickly withdrawn and sizeable losses had to be absorbed within national borders. looking ahead, lack of genuine financial integration and low resilience will always expose us to systemic risks. the crisis has also