_ _ _ _ _ _ _ _ _ 7 u. j. heuser, neustart, bitte!, die zeit, no 41 / 2019, 2 october 2019. 8 monopoly commission, biennial report xxiii : competition 2020, 29 july 2020, https : / / www. monopolkom - mission. de / images / hg23 / hgxxiii _ gesamt. pdf page 10 of 19 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel. : + 49 ( 0 ) 69 9566 3511, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. whilst innovative fledging businesses in particular can stimulate competition, they are now struggling to get the funding they need. state aid for smes can counteract the risk that insolvencies or takeovers during the crisis might increase market concentration levels. this ultimately protects competition. competition is one of the pillars on which our prosperity rests. another is germany ’ s integral role in the global economy. the corona crisis, however, has ripped through global supply chains for a time, which is why some are now pushing for “ renationalisation ” – that is, bringing production back to germany. however, international value chains are not risky in and of themselves. rather, it is the reliance on individual suppliers, locations or customers that ’ s the problem. to be better shielded from disruptions, enterprises should, if anything, get more suppliers on board from different countries. then if one supplier were to fail, this would not immediately cripple the enterprise ’ s entire production. it ultimately all comes down to the old economic adage that you shouldn ’ t put all your eggs in one basket. an enterprise that relies solely on germany as a production location sacrifices the benefits it could reap from diversification and regional specialisation. in such cases, consumers end up footing the bill – in the form of higher prices or more limited choice. in addition, numerous studies suggest that global production chains can boost productivity growth through a great many channels, from increased competitive pressure to knowledge spillovers from foreign firms. 9 and economists believe that the feeble productivity growth in _ _ _ _ _ _ _ _ _ _ _ _ _ 9 c. criscuolo and j. tim

had made it clear that the suffering of long ago is far from over, that the fight is far from over. we therefore choose not only to apologise today. we are opting for more than just words, but also for deeds. deeds that will hopefully contribute to the fight against racism, inequality and injustice. deeds that we can accomplish today. deeds that will set us on course for a more inclusive future : we are setting up a fund that we will use to finance projects in the service of society – projects related to education, healthcare, employment and more. projects in the netherlands in the caribbean and in suriname this fund will projects in the netherlands, in the caribbean and in suriname. this fund will finance projects worth €5 million over the next ten years. in addition, we are providing one - off funding of an additional €5 million for a number of larger initiatives such as the national research centre on the history of slavery. we are also closely examining our own organisation. we need to become more diverse and more inclusive, and we will put forth every effort to make that happen. we must ensure that we ar e better able to detect and recognise racism and respond to it decisively. and we intend to boost diversity at de nederlandsche bank in our recruitment & selection procedures, through internships and traineeships, and in promotions. moreover, we will not conceal our past, which we have now come to know more acutely. our history will be given a prominent place in our amsterdam headquarters, serving as an invitation for further dialogue. a dialogue that we will also pursue using works of art from our vast collection, a collection which we will moreover recast with greater emphasis on diversity. the words i speak today, and the deeds i am announcing today, do not signify the end of a journey for de nederlandsche bank, but rather a turning point. for de nederlandsche bank, 1 july 2022 signifies a touchstone as we look to the future. a future in which dnb is more inclusive. a future – i hope – with a more inclusive society. a future – i hope – with each other. thank you for allowing me, on behalf of the entire executive board of de nederlandsche bank, to stand before you here today and deliver this message.