race to the bottom ". in addition, completing the single market would be a welcome contribution to structural reform in the euro area and the european union. speeding up the process of structural reform as well as deepening reforms are the key challenges facing the european union. only through reforms aimed at improving the functioning of the market mechanism will it be possible to bring the potential level of growth in the union to a structurally higher level. i should like to emphasise that although the euro will probably act as a catalyst for further european integration, this does not necessarily imply that further european integration is a prerequisite for a well - functioning monetary union. the current framework – laid down in the maastricht treaty – has so far proved to work well and will continue to do so in future. a key element of the institutional framework is the stability and growth pact. the pact provides a solid foundation for sound fiscal policies in individual countries as well as in the euro area as a whole. the ecb strongly supports the european commission in its sustained effort to apply the rules of the pact and exert peer pressure on governments, irrespective of the size of the countries in question. in addition, i am – of course – particularly happy with the treaty provisions regarding monetary policy. they provide the ecb and the national central banks of the euro area with a clear mandate – to maintain price stability – and clear independence from third parties to achieve this objective. in this way, the drafters of the maastricht treaty have taken into account the experiences of, especially, the 1970s and early 1980s and the empirical research carried out in this area, which clearly show that the best contribution a central bank can make to economic growth and welfare is to maintain price stability. i can assure you that some people in this room – in particular hans tietmeyer and cees maas – fought like lions for this " monetary statute ". ladies and gentlemen, i should now like to bring my remarks to a conclusion. the european central bank and the city of maastricht have something very important in common. both will forever be associated with the euro, our single currency. the decision of the maastricht university and the city of maastricht to initiate the research project " one money, one euregion " and to organise this conference, as well as the hospitality of the city of maastricht in receiving the governing council of the ecb, also bear witness to this city's continued

##ntial supervision, engaging with financial firms to ensure that climate - related risks are understood and integrated in risk management and investment. and, of course, central banks can help by including sustainability factors into own - portfolio management. indeed, climate and sustainability have always been high on our agenda and i personally have been addressing those issues on every occasion. [ 6 ], [ 7 ] it is telling that the bog, the ecb and the bank of england, have been named the three most vocal central banks worldwide. [ 8 ] also, recognizing the significant climate and environmental risks that the financial system is facing, we set up in 2009 an interdisciplinary committee of scientists, the climate change impacts study committee ( ccisc ), a workgroup dedicated to the study of climate change in greece. in tackling the climate crisis, the financial and the insurance sectors have an important role, supporting a sustainable economy and a more inclusive growth. financial institutions can be drivers of change mobilising capital towards investment that supports societies ’ goals. sustainable finance can help by aiming to integrate environmental, social and governance ( esg ) criteria into business and investment decision making. in the context of climate action, sustainable finance should also aim to mobilise capital towards investment for mitigation and adaptation policies. if we are to meet the sustainable development goals of the united nations and the objectives of the paris agreement, the financial sector needs to maximise its contribution and align itself with these goals. to this effect, the bank of greece is the 1st central bank worldwide to endorse the responsible banking principles of the united nations environment programme finance initiative ( unep fi ). the principles for responsible banking [ 9 ] aim to define the role and the responsibilities of the banking sector in a sustainable future, where banks align their business practices with the global community goals and create value for the society. the principles set out the criteria for responsible and sustainable banking, through a holistic evaluation of risks and opportunities stemming from banks ’ activities. furthermore, they encourage banks to identify and assess the effect of their asset allocation decisions and be transparent on their positive but also their negative impact on society and the environment. the bank of greece is also a member of the central banks and regulators'network for greening the financial system ( ngfs ). the ngfs is a global organization currently consisting of more than 100 members and observers, committed to working together to improve the analysis and management of climate - related and environmental risks. the common objective is the strengthening of