##2, covering credit risk, liquidity risk, market risk and operational risk, including litigation risk. 3 however, here too, the exact mechanisms of mapping actual hazards to risks needs to be analysed further to fully capture climate and nature - related factors in quantifiable regulatory and supervisory requirements. these are vitally important questions as global heating, nature degradation and transition and adaptation policies have a profound impact on the economy and the financial system. as supervisory board chair claudia buch underlined in her opening address, research has an important role to play in supporting monetary policy and supervision in respect of these and other major challenges like the impact of geopolitical risks and the digital transition. 4 some of these themes will feature at this conference tomorrow. and on the monetary policy side, we recently established a new research network known as challenges for monetary policy transmission in a changing world ( champ ). the champ network seeks to revisit our knowledge of monetary transmission channels in the context of unprecedented shocks and structural changes. 5 through conferences such as this one, initiatives like the champ network, and many other interactions with the research community, we seek your inspiration, ideas and insights to address the challenges facing monetary policy and banking supervision in the future. conclusion let me wrap up. ten years ago, we at the ecb saw our family grow with the establishment of the ssm. ten years on, european banking supervision has made great strides in making banks more robust and resilient. this has helped strengthen the european economy in general while also enhancing the effectiveness of monetary policy. 4 / 5 bis - central bankers'speeches in the next ten years, the two strands of our family will continue to pursue their respective objectives, no matter what challenges may emerge. they will do so under one roof, in line with the separation principle and united in their commitment. thank you for your attention. 1 schnabel. i. ( 2022 ), " a new age of energy inflation : climateflation, fossilflation and greenflation ", speech at a panel on " monetary policy and climate change " at the ecb and its watchers xxii conference, 17 march. 2 basel committee on banking supervision ( 2021 ), climate - related risk drivers and their transmission channels, bis, april. 3 on litigation risk, see elderson, f. ( 2023 ), " " come hell or high water " : addressing the risks of climate and environment - related litigation for the banking sector

in order to raise the long - term growth potential of europe. and the lucid monitoring of the national competitive indicators, including unit labour costs. mr president of the parliament, mr president of the union, mr president of the commission, mr president of the eurogroup, europe can count on the ecb and on the eurosystem to implement in this century the historic task which was assigned to us at the end of the last century. we will be faithful to the primary mandate given to us by the treaty. we know that our fellow citizens are asking us to deliver price stability. we know also that price stability is a prerequisite for financial stability, a very important objective at the current juncture. all the members of the governing council make their decisions taking into account the interests of the whole of the euro area, of 15 countries. we do not consider any particular country, but all 15 of them. sehr geehrte frau bundeskanzlerin, this year in aachen, upon receiving the charlemagne prize, you quoted konrad adenauer : “ gerade in aachen wird man die mahnung verstehen, dass europa uns heute schicksalsgemeinschaft ist. dieses schicksal zu gestalten ist uns ubergeben ”. “ in aachen, above all, people will understand the call : that europe, for us today, is a community with a common destiny. it's up to us to shape that destiny. ” “ justement ici a aix on comprend l ’ appel qui fait de l ’ europe aujourd ’ hui notre destin commun. il nous appartient de donner forme a ce destin. ” a “ common destiny ” : the words of the man with whom general de gaulle achieved reconciliation after so many conflicts. these words apply even more to the countries belonging to the euro area. in the ecb and in the eurosystem we are fully convinced that, with our fellow citizens, 320 million of them, we share a destiny in common – wir teilen dasselbe schicksal – nous partageons un destin en commun. i thank you for your attention.