outcome of these scenarios is quite striking : potential losses in global gdp could reach almost 15 % by 2050 compared to a scenario without climate change. and even this may still be an underestimation, as we need to understand the causalities and tipping points even better. the ngfs plans to launch a set of new short - term scenarios this quarter, covering a period of up to five years. they will help improve our understanding of the near - term financial and economic effects of transitioning to a net zero economy, also including the consequences of severe natural disasters. 5 conclusion in conclusion, the results of our numerous analyses strongly support archbishop tutu's perspective : we simply cannot ignore the profound and multifaceted implications of climate change to our economies and societies. it is hence crucial that we collaborate, share best practices and address these challenges jointly. let us start now and continuously refine our approach as we learn from experience. today's session on climate risk offers an excellent springboard for our efforts. thank you very much. international central banking courses | deutsche bundesbank 2 eib, 2022 finance in africa : navigating the financial landscape in turbulent times 3 / 3 bis - central bankers'speeches

mandate, that of maintaining price stability, set by the european treaties ix and ratified in france by the 1992 referendum. the ecb has defined this mandate precisely, and refined its definition in 2021 in its strategic review : maintaining inflation at 2 % over the medium term. with the resurgence of inflation in 2022, the ecb raised its key rates accordingly : the remedy is not always pleasant, but it is efficient ; inflation is coming down again and was at 2. 9 % in october, and we are confident that we can bring it back towards the 2 % target by 2025. ( ii ) an ex post condition : the essential counterpart to independence is that we be held accountable by elected representatives and the general public for the fulfilment of this mandate. the ecb is regularly questioned by members of the european parliament, as is the banque de france by the national assembly and the senate. we are constantly expanding our communication with the general public, for example with our annual monetary policy forums, which we hold in all of france ’ s regions. monetary policy can seem austere, it does not need to be opaque. if we had not achieved results on our mandate, if we did not know how to report on it to our citizens, then our independence would lose its very meaning. fortunately this is far from being the case : the eurosystem ’ s results over the long term have allowed the euro to benefit from a very high level of trust ( 78 % x ) – which has increased steadily over the past 20 years – among the 350 million europeans who share it as their currency. ii. public and private money page 5 of 6 i would now like to come back and look at sovereignty from another angle, that of the relationship between public and private money. this distinction is rarely perceived by the general public, yet it is as old as money itself : in the words of fernand braudel, " every exchange of goods has an instant monetary echo. a commodity that is more in demand or more abundant plays the role of a currency. " xi similarly, bills traded between merchants at fairs during the middle ages were used as private payment instruments xii and they were at the origin of early bank lending, particularly by bankers from lombardy. however, since then, the gradual introduction of " public " central bank money as a common and secure settlement asset has become the rule. it is now considered a public good and more or less taken for granted, at least in advanced economies.