##it, and i have no doubt that the financial ties between london and the eu27 will remain strong – all of you will work to ensure that. close cooperation and a continued dialogue between the supervisory authorities will therefore be necessary, especially in times of crisis. i believe that the ssm and the pra should ensure information sharing and reciprocal 1 / 2 bis central bankers'speeches consultation while respecting independent supervisory decision making in each jurisdiction. now i ’ m sure you are wondering what a split of responsibilities would mean for uk branches of german ( and other ssm ) banks. the truth is : we can ’ t really tell just yet. we ’ ll have to wait for the final outcome of the negotiations between supervisory authorities. as i have said, these negotiations are already under way, and i am optimistic that they will be concluded soon. overall, our goal must be to achieve an adequate level of information sharing and joint supervisory work that does not lead to an increased workload for all parties involved. certainly, it will not be possible to develop a one - size - fits - all solution. the agreement on a split of responsibilities will need to leave room for accommodating specific cases. on the basis of the agreement, the pra plans to process applications for third country branches. 4 conclusion ladies and gentlemen, in the short run, the temporary permissions regime will mitigate the outcome of a possible hard brexit. nevertheless, thorough preparations by financial institutions are necessary. what happens in the long run depends on how brexit re - shapes the european financial system. where does all this leave us? in a way, you could simply say : uncertainty continues. but we should not forget that we have made quite some progress since the referendum in june 2016. at that time, brexit and its potential repercussions were essentially a black box. since then, both financial institutions and supervisors have put tremendous effort into better understanding and preparing for every possible outcome. and while some tasks are yet to be completed, most banks are well advanced in their preparations. 2 / 2 bis central bankers'speeches

homepage [ / en ] press [ / en / press ] speeches [ / en / press / speeches ] welcome address farewell symposium on the occasion of the farewell of our vice president claudia buch and board member joachim wuermeling. 22. 03. 2024 | frankfurt am main | joachim nagel check against delivery. 1 words of welcome 2 digitalisation 3 claudia buch 4 joachim wuermeling 1 words of welcome ladies and gentlemen, distinguished panellists, claudia and joachim, it is a great pleasure for me to welcome you all to this symposium. this is a farewell symposium. we at the deutsche bundesbank want to say goodbye to you, claudia and joachim. we also want to give our sincere thanks for what you have achieved for the bundesbank. and we want do so publicly now. i say that because we already did this privately when you both left the bundesbank at the end of last year. you requested a content - driven event, a symposium on the future of digitalisation and the financial industry, a topic of major importance to both of you in recent years. 2 digitalisation the fact that we in germany need a boost in digitalisation is becoming increasingly widely recog ‐ nised. the weak growth in germany raises the question of how to increase productivity. digitalisation should be one of the answers. more digital skills and more investment in digitalisation could help significantly increase productivity in germany. this is demonstrated by looking back at the past. digital sectors have driven overall productivity growth in germany considerably – and this despite their considerably small size. [ 1 ] in a monthly report article published last year, the bundesbank wrote that this boost to productivity was not produced by digital capital goods alone. digital intermediate inputs, which feed into numerous goods via production linkages, also played a key role here. [ 2 ] we therefore need to look at the entire value chain if we are to exploit digital potential. however, the productivity boost provided by the digital sectors has tailed off in numerous advanced economies. in germany, too, it was distinctly higher at the start of the century. the european commission ’ s analyses also provide indications that action needs to be taken. they show, for instance, that in germany, the share of the population with basic digital skills is considerably below the eu ( european union ) average. [ 3 ] in addition, by european standards, germany still falls well short of the eu ( european union ) objective of full fibre optic coverage. [