abs markets. abs are an important means to achieve our policy objectives in a prudent manner, which could be achieved either by ensuring the applicable haircuts or by outright purchases in this market. our decision to intensify the preparations could help to catalyse new securitisation activity. but for a virtuous circle to take hold, the regulatory and market barriers that are preventing the revitalisation of european abs markets need to come down in tandem. much work is already on - going to improve the environment for abs issuance. what i have tried to outline today is several practical steps that can be taken to take this work forward. i believe that a holistic and coordinated approach among eu policy - makers, as well as greater standardisation and more methodological transparency by rating agencies, could help encourage the revival of the abs market that we all want to see. thank you for your attention. bis central bankers ’ speeches

closing remarks fourth annual joint conference of the deutsche bundesbank, european central bank and federal reserve bank of chicago on ccp risk management 22. 03. 2022 | virtual | burkhard balz 1 introduction 2 challenges for ccps in the face of amid turbulent financial markets 3 farewell 1 introduction ladies and gentlemen, on behalf of the deutsche bundesbank, the european central bank and the federal reserve bank of chicago, i would like to thank you for participating in the fourth joint conference on ccp ( central counterparty ) risk management. a very interesting conference day with lively debates on current and future challenges in ccp ( central counterparty ) risk management is coming to an end. i now have the honour of concluding today ’ s conference. 2 challenges for ccps ( central counterparties ) in the face of amid turbulent financial markets although we can look back on what has certainly been an eventful year for ccps ( central counterparties ), recent developments surrounding russia ’ s invasion of ukraine overshadow everything. who could ever have imagined that we would see another war in europe? for most of us, that was a very distant and absurd idea. while the eu ( european union ), the us ( united states ) and other states are adopting a raft of unprecedented sanctions against russia, the humanitarian crisis in ukraine is taking its course. my thoughts are with the ukrainian people and their immeasurable suffering. and indeed, this crisis comes immediately in the wake of the pandemic, with its risks, challenges and unexpected workload, such as the development of new vaccines within a very short space of time. now geopolitical complexities have gained the upper hand, bringing with them economic consequences. for instance, energy prices, which were already strained, are continuing to rise, producing high volatility in financial markets. in uncertain times, calls for reliability and stability become louder still. robust crisis and risk management appears to be more important than ever – this applies in particular to ccps ( central counterparties ), which play a key role in keeping the financial system safe and steady. for this reason, we also came together today to discuss the right way to handle ccps ( central counterparties ) ’ risk management. recent developments confirm and demonstrate once again the importance of working and standing together. and we should not forget : our current focus on the war should not distract us from another challenge that is already at our doorstep – global heating. with this in mind, allow me to