the pandemic has also clearly refocused people ’ s attention on the environment. we cannot miss this opportunity to reduce and prevent climate risks and finance the necessary green transition. all of the available evidence shows that climate - related risks are real and have major consequences for our economy. a disorderly transition to a low - carbon economy could pose systemically relevant risks. given how interconnected our financial sector is, we need to address these risks together. the transition to a carbon - neutral economy will also provide new opportunities for growth, which can be unlocked by ambitious investment programmes. the eu will need up to €470 billion of additional investment every year to reach its current climate and environmental policy goals. next generation eu will strengthen the role of public budgets in green infrastructure financing. at the same time, the transition can only be successful if the private sector contributes as well. the financial system should be a catalyst for this change. policymakers should thus create the necessary conditions for the financial sector to do what it does best : allocate capital where it is most needed. the renewed sustainable finance strategy announced by the european commission should help to ensure that externalities associated with climate change are correctly reflected in prices. at the same time, we need to remove all obstacles to the development of a cross - border market for sustainable financial products. in other words, we need to finally complete the banking union and create a genuine capital markets union. and deep and liquid capital markets will also go a long way towards strengthening the international role of the euro and bolstering europe ’ s strategic autonomy. everybody needs to be ready for the profound changes currently sweeping our economies and our societies. the ecb ’ s ongoing strategy review will ensure that its monetary policy strategy is fit for purpose, both today and in the future. listening to european citizens ’ expectations and better understanding their economic concerns and expectations before making decisions is an important part of this review. if the right actions are taken now, this crisis can be an opportunity for us to create the conditions for more inclusive, greener and more digital growth. to come back to jean monnet ’ s words, this crisis can be an opportunity for europe to take a step towards the forms of organisation of the world of tomorrow. conclusion let me conclude. almost 60 years ago to the day – on 23 september 1960 – the europe bridge crossing the rhine between kehl and strasbourg was inaugurated. it has become a symbol of how close our two countries have become. the success of

evolved. for the first time, a common budgetary instrument at european level can be used to complement fiscal stabilisers at national level, even if it is currently only temporary. as a result, we now have an aggregate policy mix in which fiscal and monetary policy reinforce each other in supporting the recovery, and thus underpin medium - term price stability. the case for jointly shaping europe ’ s future we must now carry this positive momentum forwards. it is time for europe to move beyond the initial priority of containing the immediate impact of the crisis and shape a common vision for its future. the pandemic has the potential to accelerate trends that were already emerging before the crisis ; trends that will lead to structural changes in the global economy. in a world where technological change and geopolitical tensions are transforming the geography of value chains, we should make full use of the size and diversity of the european economy. if we strengthen economic and monetary union and deepen the single market, we do not only benefit all europeans by improving the way we produce, distribute and consume. we also increase our autonomy and ensure that europe is better protected in the world of tomorrow. as legislators, you have a crucial role to play in designing policies that can revitalise our economies. digitalisation is a case in point. we need to fully reap the potential gains from digital technologies and, at the same time, make sure labour markets remain inclusive. if we don ’ t, we risk creating a new divide, and we can already see gaps opening up when we look at differences in wages, education levels and gender. by implementing the right set of national and european policies, we will achieve more together than we can alone. at national level, we need to make the necessary changes to labour, product and financial market regulations, and invest in education to reduce digital exclusion. at european level, this should be complemented by accelerating progress towards the digital single market to help deliver economies of scale for digital firms, while addressing key concerns around cybersecurity and data protection. in a more digital economy, we also need to ensure the strength and autonomy of european payment systems. the eurosystem is actively pursuing initiatives to achieve this. we are also exploring the benefits, risks and operational challenges of introducing a digital euro. a digital euro could be a complement to, not a substitute for, cash ; it could provide an alternative to private digital currencies and ensure that sovereign money remains at the core of european payment systems.