in europe. in germany, with average yearly inflation of 1. 6 % over 13 years, it is a better result than before the euro. equally important is the low level of the inflation expectations. the ecb governing council is providing a very solid anchoring of price stability over the next ten years, fully in line with our definition : less than 2 %, but close to 2 %. bis central bankers ’ speeches the euro is a credible currency that has proved to be a very good store of value, backed by solid fundamentals. these last eight years can be divided into two periods of equal duration. the first four years were challenging, but no more or less than usual for a central banker. the ecb had to preserve stability after the bursting of the dotcom bubble and in the face of high and volatile oil and energy prices. we fought hard to preserve the fiscal governance of the euro area, at a time when the three major countries wanted to weaken the stability and growth pact. and, as always, we had to take our responsibilities for our own decisions ; also when increasing interest rates, which at times did not please many governments, market participants, or the international financial institutions. the ecb has been fiercely independent and will remain so. after four years came the financial and economic crisis. not a crisis like many we have known over the last 50 years. not like the first oil shock of 1973 or the second oil shock of 1980. not an event like the sovereign debt crisis of the 1980s and beginning of the 1990s. not like the asian crisis or the dotcom bubble bursting in the early 2000s. since august 2007, we have experienced a crisis of a new kind. a global phenomenon that has no equivalent since world war ii, in its nature and dimension. for the first time since 66 years, the epicentre of the global crisis was the financial system of the advanced economies. the impact of the crisis on the real economy could have been of the magnitude of a great depression, had central banks and other public authorities not reacted with rapidity and resolve. for its part, since the financial turbulence began, on 9 august 2007, the ecb governing council has applied a “ separation principle ”. it has separated the “ standard ” measures – namely the interest rates designed to deliver price stability over the medium term – from the “ non - standard ” measures – designed to help restore a better transmission of our standard measures at times of market disruptions. the credibility of the euro and

this is the first time that a cross - border macroprudential policy initiative of this type has been undertaken in the funds sector in europe. to us, it demonstrates what can be achieved when authorities come together with a common purpose and i want to thank all our international counterparts for the constructive manner with which they approached this task. conclusion to conclude, let me emphasise three points. first, we must not forget the lessons of the global financial crisis, the covid - induced market shock of march 2020 and the role of ldi funds in the gilt market shock. it is better to be an ex ante person. addressing systemic risks in the funds sector will require a macroprudential perspective, to complement the existing investor protection focus. second, we have made good progress in developing a macroprudential framework for funds in recent years and we should build on this momentum. enhancing the resilience of the sector, given its increasing systemic importance, must remain a key priority for policymakers internationally. third, we want to play our part in this important work by sharing our thinking on how a framework underpinning the macroprudential approach for funds could be approached, how to avoid a'one - size fits all'approach, as well as sharing experiences of our design and implementation of such policies and the benefits of international coordination. today's conference presents another opportunity to discuss these important issues in more detail. i hope you enjoy the day. 8 / 8 bis - central bankers'speeches