bank to another, which should have a direct beneficial effect on customers. i would like to add a few remarks from a personal angle : my standpoint on this matter is affected by my experience in the private sector in the last three years in citigroup, the largest financial institution in the world. five years ago citigroup was a universal bank that encompassed commercial banking, investment banking, a large insurance company, pension funds etc. originally citigroup thought it to their economic advantage to own and manage a range of financial products. however, in 2003 and 2004 citigroup decided to sell the insurance company, because after three years'experience they realized that a large bank such as citigroup derived no financial benefit from owning and managing an insurance company. a few months ago citigroup decided to sell their funds too. charles prince, citigroup ceo, is quoted in one of the leading financial papers as saying that one of the reasons for selling the funds was the concern of the supervisory authorities, and not just them but also investors themselves, regarding potential conflict of interest that exists when a bank, in this case citigroup, offers funds that it owns to the public. this concern made it less economically worthwhile to continue to do so. prince remarked that other banks that owned funds would eventually reach the same conclusion. in this context i would also like to tell you what an analyst in an important financial company in boston said. he commented, in reference to the sale of funds by citigroup, that during the 1990s huge financial companies were anxious to merge financial intermediation activity with that of financial - asset management, such as funds. with regard to the potential for conflict of interest in the new reality created, he said that the distribution and management of funds are two distinct occupations that require different qualifications. distribution is related to marketing and consultancy, and it is important for customers – – both from the point of view of the supervisory authorities and from that of customers themselves – – that the consultant be objective. that cannot occur, however, when the same bank holds the funds that it is trying to market and give advice on. i would say that a bank that owns funds has an economic advantage if it occupies a dominant position in the capital market and it faces no restrictions with regard to potential conflict of interest. but when a real mechanism exists that prevents such potential from arising, the bank apparently derives no economic advantage from such a situation. in israel we tried to deal with this problem by

doubt that if all the extraordinary leaders in this room, across all the fields we represent, can continue to lead with cooperation and compassion, we can be a force for good amid the turbulence of our current times. and this is very much the spirit i am aiming to bring to my leadership of the ecb. research shows that trust in the ecb hinges not just on our competence in delivering on our mandate, but also on whether we are perceived to care about citizens and to be acting responsibly. [ 17 ] that is why i have strived since i took office to better explain to the public what we are doing and why, and to show that we take people ’ s concerns seriously. today, that means following through on our unwavering commitment to deliver on our inflation target of 2 % over the medium term. conclusion let me conclude. the russia - ukraine war has reminded us just how quickly the world can change. but russia ’ s actions have unleashed what is only the latest in a string of crises that have marked the past decade. the challenges we face are becoming more complex and global at a time when the forces sustaining cooperation and multilateralism are weakening. in this setting, the need for female leadership has, in many ways, never been greater. it is often in the darkest hour that women are called to leadership. and now is the time for us to heed that call. let me recall those powerful words of eleanor roosevelt : “ nothing has ever been achieved by the person who says, ‘ it can ’ t be done. ’ ” because let me tell you : it can be done. the leadership qualities we need to master this uncertain world are ones that i see in abundance before me in this room tonight. and as we celebrate the top 100 female leaders in business, now is the moment for us to really show what female leaders can bring to the table. thank you. 1. zuleeg f., emmanouilidis j. a. and borges de castro, r. ( 2021 ), “ europe in the age of permacrisis ”, european policy centre, 11 march. 2. chlorofluorocarbons. 3. intergovernmental panel on climate change ( 2021 ), “ climate change widespread, rapid, and intensifying – ipcc ”, press release, 9 august ; and intergovernmental panel on climate change ( 2022 ), “ the evidence is clear : the time for