frank elderson : the ngfs glasgow declaration – from a coalition of the willing to a coalition of the committed keynote speech by mr frank elderson, member of the executive board of the european central bank, at the cop26 finance day presidency event on “ a financial system for net zero ”, frankfurt am main, glasgow, 3 november 2021. * * * our collective journey started in paris almost four years ago, when eight central banks and supervisors from an already diverse background decided to join forces. our aim was to rise to the climate challenge and work together to develop the tools we need as central banks and supervisors to foster and accelerate the greening of the global financial system. as a coalition of the willing, we have been working together in the network for greening the financial system ( ngfs ), which i am proud to chair. over time, others have joined us in our efforts. and i am delighted to announce here today that our network is welcoming the supervisory authorities of turkey and jersey and the central banks of jordan, the dominican republic and peru. this means that the ngfs – and i am also very proud of what i am about to announce right now – now brings together a total of 100 central banks and supervisors. our network is both enriched by its diversity and strengthened by the shared determination of its members to address climate change and environmental issues within and because of their mandates. since our call for action report of april 20191, we have developed and shared practical tools and knowledge, most notably in the fields of prudential supervision, climate scenario analysis, responsible investment, the inclusion of climate - related considerations in monetary policy frameworks, data gaps, and building awareness and intellectual capacity. based on our collaborative work, ngfs members have taken very concrete actions towards greening the financial system. the examples provided by the previous panellists are a very telling illustration of this dynamic, and many others in our network could share similar experiences. but i have not just come here to announce that our network now brings together 100 members. i am also extremely pleased to announce that today the ngfs is publishing its glasgow declaration entitled “ committed to action ”, in which we reiterate our willingness to contribute to the global response required to meet the objectives of the paris agreement. and we make concrete commitments on what we will work on and deliver in the coming years, covering all the core activities of our network of central banks and supervisors. looking ahead, we will deepen, amplify and strengthen

benoit cœure : restoring confidence in the euro area remarks by mr benoit cœure, member of the executive board of the european central bank, at the festival dell ’ economia, trento, 1 june 2012. * * * ladies and gentlemen, i would like to thank tito boeri and lucrezia reichlin for their invitation to this sharing of views on how to restore growth in the euro area. central banks are not central to delivering long - term economic growth. long - term growth is about education, innovation and the functioning of markets, none of which is really in our hands. we can nevertheless contribute by providing stability – in particular, price stability, which is at the heart of our mandate, as well as confidence. let ’ s face it : the euro area today lacks both stability and confidence. price stability has been achieved and the ecb will strive to maintain it, but financial markets are under strains. the question being asked today by market participants no longer concerns a particular country or sector : it is whether the political commitment exists to support the euro as a project and to improve this project. the answer to this question should be clear : the euro has brought immense economic benefits to its member countries, both in northern and southern europe, and to non - participating countries such as the uk. we must unite to support the euro as a project and to decisively improve it. what does it take to restore confidence? first, governments should pursue their efforts to bring down public debt. they have exhausted their fiscal room for manoeuvre and must rebuild it so as to be resistant to future shocks. fiscal consolidation weighs down on short - term economic activity, but it is a precondition to crowd in private investment and restore long - term growth. second, we must put a halt to financial market fragmentation. the disintegration of euro area capital markets has reached a point where it puts at risk the whole european project, including the single market for goods and services. european firms can no longer finance their investments from a single pool of savings. this hampers the possibility of a sustained and high level of growth. by extending ample amounts of liquidity to euro area banks, the ecb has mitigated the retreat of private cross - border capital flows. it is not its role however to allocate financial resources across the region. resource allocation should be performed through market mechanisms, with appropriate price signals. bringing euro area capital markets together will require more than technical