integrate climate and nature - related risks into their strategy, governance and risk management. it is very much consistent with the general supervisory principles that have been established by the bcbs. since the ecb first started discussing climate and nature - related risks with banks back in 2019, progress has undoubtedly been made. banks have taken steps to integrate these risks into their strategy, governance and risk management. although at present none of the banks under our supervision fully meets all our expectations, each of our expectations has already been fulfilled by at least one bank. it shows that progress is possible, and that it is not just taking place among a few banks, but across the board. this is good news, since we expect all banks under our supervision to be fully aligned with our supervisory expectations by the end of 2024. we will enforce this final deadline as well as several interim deadlines. in fact, a number of banks under our supervision have already received binding requirements to remedy shortcomings by a certain date. if they do not comply, they will have to pay a penalty for every day that the shortcomings remain unresolved. building on the results achieved and progress made, earlier this year the ecb announced a new climate and nature action plan. it sets out concrete steps to consider how, within our mandate, we can further support the green transition, assess the 3 / 4 bis - central bankers'speeches physical impacts of climate change and explore the materiality of nature - related risks. moreover, when we completed a review of our operational framework for implementing monetary policy two weeks ago, we announced that climate change - related considerations will be incorporated into the design of future structural monetary policy operations. conclusion let me conclude. the amazon river is subject to the " pororoca ", one of the largest tidal bores in the world. it is an enormous wave travelling from the mouth of the amazon on the atlantic coast up to 800 kilometres upstream. the climate and nature crises are unfolding. together they are overflowing the economy and the financial system, very much like the " pororoca " overflows the amazon basin. even if mitigation and adaptation measures are taken, one thing is certain : the world, the global economy and the financial system will see profound change. in the words of brazilian author paulo coelho : " you drown not from plunging into the water, but from staying submerged in it. " emerging from the climate and nature crises requires action from all authorities within their mandate

learning benefit those in the countryside as well. ladies and gentlemen. i cannot overemphasize the importance of ensuring the success and sustainability of our economic and financial education program. if we are effective in teaching saving and money management to our 12 million public school pupils, we would be on track to raise a new generation of financially - independent filipinos who will lift our country from its traditional deficit - spending mode. if we are able to educate our public to recognize legitimate investment vehicles from pyramiding scams, then we can truly harness public savings to finance productive ventures. if we are able to inspire filipinos to save, invest more, or to become entrepreneurs, then we have done our country a great service in terms of sustaining its growth and development. i hope therefore that we will continue to work together on our economic and financial education program. finally, i congratulate the eisg headed by marah angka and her staff for finally getting the eflc off the ground. let us give them our full support and cooperation. and so, ladies and gentlemen, let us now begin our tour of the eflc. mabuhay ang eflc! mabuhay ang bangko sentral ng pilipinas! thank you all and enjoy the rest of the day.