critical service providers. to this can be added the greater exposure to cyber risk. greater interconnections in the financial system increase the surface for cyber attacks, which have escalated during the covid pandemic. enhancing operational and cyber resilience will therefore remain an important item on the fsb agenda. next to digitalization, we face the ever - present challenge to address risks to financial stability from climate change. these risks reflect the particular nature of climate change : it is global in its causes and its implications, and it is pervasive, affecting all kinds of financial assets and contracts. if we want to safeguard financial stability and ensure the financing needed for the transition to net zero, it is key that climate related financial risks are adequately priced in financial contracts. this is crucial because financial contracts price the future, and that future is about to undergo fundamental change. the fsb ’ s roadmap for addressing climate - related financial risks aims to ensure that climate risks are properly reflected in all financial decisions. it covers disclosures, data, vulnerability analysis, and regulatory and supervisory approaches. because there are no international standards in place yet, not least relating to disclosures, we have an enormous opportunity to get this right from the start. we should not miss it. it is important to act early to address these big transformational issues in the global financial system. experience has taught us that global financial stability risks, like so many other global issues, are often best dealt with using a globally consistent approach. not because one size fits all, but because this makes national policies more effective, provided that the global approach leaves room to be tailored to country - specific circumstances when it comes to implementation. because of their history, to us europeans, this is second nature. from the treaty of rome to the treaty of maastricht, now 30 years ago, the process of european integration has always been about europeans working together to pursue common interests. that ’ s why we have always been a strong partner in fostering international cooperation and high - quality minimum standards. indeed, european countries have been key contributors to the international financial architecture. from the bretton woods agreement back in 1944 to the establishment of the financial stability board in 2009. when it comes to financial stability, the eu itself, but also other countries in europe, has benefitted greatly from its commitment to multilateralism. the centre pieces of the european financial regulatory framework as we know it today are based on the g20 reform agenda that followed

currencies. it will also help those countries which will not join emu right from the start to orient their policies towards convergence, in order to enable them to qualify for participation as soon as possible. to conclude......, there are reasons to believe that over time the euro could develop into an important reserve and invoicing currency. good opportunities for the euro arise from the fact that the eu economy is even larger than that of the united states. furthermore, it is the responsibility of european policy - makers to safeguard the attractiveness of the european currency by pursuing sound policies. in this respect, the stability of the euro is in the good hands of the ecb. at the same time, i would like to emphasize that the success of the euro is also in the hands of the markets. it should be borne in mind that it took the dollar half a century and two world wars to replace sterling as the international currency, despite the fact that the united states had been the major economic power since the beginning of this century. all in all, these are challenging times for europe. let me, therefore, propose a toast to the future success of the euro.