something that we need to keep telling ourselves, especially with regard to the – as always – uncertain challenges that lie ahead. 4 institutional reforms in the euro area it is impossible to know for certain whether the roof of a house has been properly laid and can withstand a storm until a storm comes. 8 / 14 bis - central bankers'speeches monetary union, too, was launched during the fair - weather period of the " great moderation ". but then came a storm in the form of a financial and sovereign debt crisis, which ruthlessly exposed the cracks in the institutional structure for all to see. if a storm were to damage your roof, you would work as quickly as possible to do a temporary fix so that rain could not penetrate the interior. but then you would consider how to prevent similar damage from occurring in the future. in the euro area, too, policymakers initially went for makeshift stabilisation measures before institutional reforms were rolled out. with regard to the latter, the permanent european stability mechanism and the banking union are the main measures that have made monetary union more resilient to crises. the banking union mainly consists of two initiatives : first, the single supervisory mechanism, and second, the single resolution mechanism. the latter governs how to deal with failing banks. there is also a single resolution fund designed to ensure that taxpayers are spared in the event of a bank failure. progress has stalled somewhat in other areas of reform that are " under construction ". one example of a key project where we should be much further along is the capital markets union. i see this as a building block that is vital to the success of a stable monetary union. and that is why i am determined that we see it through. it simply makes no sense for 20 countries to have a single currency but still have fragmented capital markets. integrating capital markets also contributes to financial stability. this is because it allows financial transactions to be spread more broadly – enterprises can find funding sources across national borders, and investors have many more investment opportunities. furthermore, it strengthens private risk - sharing through the expansion of equity financing. that will also increase resilience in stormier weather. does it make sense for 20 countries to have a single currency but not a single fiscal policy? opinions differ on this. the fact is, of course, that the member states are not prepared to further restrict, let alone give up, their fiscal sovereignty. it is therefore all the more important for the stability of the single currency that government finances are

the risks and opportunities related to sustainability, it is less clear how it should go about this. usually, the first thing companies want is a strategy. now, if we want to combat climate change, if we want a sustainable economy. wouldn ’ t it be wonderful if individual companies ’ strategies would somehow be aligned with a much broader world strategy? wouldn ’ t it be wonderful if such a strategy for the world existed? if we are all in the pursuit of happiness, if all men are created equal, not just those of us living today, but all men and women that will come after us, shouldn ’ t we urgently formulate a strategy for the world? fortunately, the world does already has such a strategy : the sustainable development goals of the united nations. and, keeping that in mind, a suggestion i would give to companies is : innovate, while using what ’ s already there. join a platform, cooperate, form strategic alliances ; get an overview of what ’ s happening ; connect with others. today is a great example of just that. for example, the netherlands banking association has recently launched a public consultation document proposing how the dutch banking sector can support a number of the un sustainable development goals. businesses could follow suit by launching a similar initiative. we cooperate on this matter as well : the dutch central bank is part of the g20 green finance study group and of the european high level expert group on sustainable finance. this expert group is mandated by the european commission to come up by the end of this year with nothing less than a comprehensive strategy to turn eu financial regulation green. it will publish its interim report by means of public consultation by the end of next month. if you want to directly influence eu green finance strategy and policy please don ’ t hesitate to send in your comments. using our convening power on a national level, the dutch central bank created a national cross - sectoral platform for sustainable finance, bringing together representatives from all over the financial sector as well as the relevant ministeries, and stimulating the creation of working groups that take on a range of sustainable finance issues. one of these working groups works on sdg impact measurement and consists of a several dutch insurers, pension funds and banks together with major multinationals such as philips and unilever. their goal is to develop a methodology that will allow them to assess the impact on the sdgs of any investments they make. if investors around the world start doing this on a large scale, you can