the models that underline that, you don ’ t take into account climate change. you ’ re missing a big chunk of the risks that are looming on the horizon and that will be upon us much quicker than we think. so if only in respect of that work, we must take climate change into account. added to that, when we invest, we have to be mindful as well and how we do that is being debated in our strategy review. plus when we do supervision and when we look at how banks are valuing their liabilities and their assets, we need to ask them whether they take climate change risk into account as well. so there are multiple ramifications where we need to ask ourselves : do i need to change? is climate change really part of my thinking? i will insist on that. at this moment, the british people are voting. how important is the outcome for europe? i think the outcome that will close the loop of uncertainty that we have lived with for the last couple of years is very important. business people and any economic actor, whether you ’ re in a family or whether you ’ re in enterprise, will tell you : “ i need to know where i stand and what is the environment where i will invest, operate in? if we don ’ t know, then we don ’ t invest. then we don ’ t create jobs, then we don ’ t trade ”. and that ’ s what has happened a little bit with the uk, because we didn ’ t know and we still don ’ t know to this day, what is the likely outcome. at the end of today we might know a little bit more. it won ’ t be final because we still have probably a transition period which needs to be gone through, but at least some clarity will emerge out of tonight, i hope. if boris johnson wins, brexit will happen. what will be the effect on the european economy? there will be negative consequences in the short term for all economies, predominantly the uk, and within the european union some countries will be more at risk than others. ireland is a case in point which will be sort of first affected. the netherlands might be affected as well because it has a close relationship with the uk. germany as well, the automotive industry. but clearly the major impact will be on the uk. mario draghi will go into history as the man who saved the euro. what would you like your legacy to be? i ’ m

, to mop up a crisis without paying due consideration to the massive social costs that it causes. it follows that central banks should pursue both price stability and financial stability in a balanced and harmonized way to promote macroeconomic soundness. the central bank must make full use of its expertise in evaluating macro financial risks as well. and when necessary, it should work to counter these risks jointly with the government and the financial supervisory authorities. as a next step, from a global perspective, we need to work to enhance policy effectiveness through collective policy actions involving governments and central banks around the world. the world economy has become highly integrated, and the complexity and inter - connectivity of economic and financial phenomena have greatly increased. it has therefore become tremendously difficult for any one central bank alone to either prevent a crisis or deal with its aftermath. in this light, the recent crisis has triggered a realization among policy - makers worldwide of just how important policy cooperation is between the government, the central bank and the financial supervisory authorities. and the building - up of networks to support this cooperation is of course equally important. as i am sure you are aware, the construction of global financial safety nets was adopted as an agenda for the seoul g20 summit as a korean initiative. this may be seen as one prominent example of a collective policy action, having the characteristic of the supply of global public goods. lastly, i would point out the need for identifying exactly what influence monetary policy will have in the transformed economic and financial environment following the crisis. this crisis has had a devastating impact on the balance sheets of households, corporations and financial institutions, not to mention the government ’ s fiscal position. the experience of the crisis and the tightening of global financial regulations will also cause vast shifts in economic agents ’ behavior. furthermore, the changes in global macroeconomic conditions after the us federal reserve ’ s recent additional quantitative easing are looming as new challenges for central banks ’ monetary policy. in order to cope with this new world economic regime, we will need to devise necessary countermeasures to deal with the possible changes in the monetary policy transmission channels and the limitation on policy effectiveness. particularly, given that changes are always and everywhere accompanied by uncertainty, we should endeavor even more strongly to heighten the predictability and credibility of our monetary policy. closing remarks fellow central bankers, i hope this seminar provides an opportunity for constructive discussions on how the central bank contributes to economic and financial stability within the macroprudential policy framework. it will also be good