monetary dynamics – slow growth of broad monetary aggregates and very weak credit – suggests that inflation pressures, beyond the ups and downs of short - term price adjustments, will likely remain subdued for an extended period of time. some odyssean elements are evident as well in the ecb ’ s statement. but, again, in the following sense : with forward guidance the governing council has meant to re - assert – not to suspend – its strategy. we have clarified how our strategy is going to guide us in the difficult conditions that we expect to prevail going forward. we will be guided by two elements of our strategy, in particular. first, our primary objective. by its objective, the ecb is mandated to the pursuit of a positive inflation rate below 2 %. in accordance with our strategy, this means aiming for inflation rates below but close to 2 % over the medium term. the 4 july forward guidance is an expression of commitment to this objective and of determination to apply the policy prescriptions which descend from it. the second element of our strategy which will give us a sense of direction is the strategy ’ s binary analytical framework. as i said, inflation and the economy need to be interpreted : falling inflation in conditions of surging productivity and a booming economy is not bad news. falling inflation when aggregate demand is persistently dragging, and credit and money are consistently unsupportive of households ’ consumption and firms ’ investment can be a problem for a central bank that is devoted to price stability. the monetary part of our analysis is there – in our forward guidance formulation – to robustify our assessment of the inflation outlook and convey the appropriate monetary policy implications that derive from that assessment according to our strategy. against the conditions that we see prevailing over a meaningful horizon, our guidance includes an easing bias. this conveys the notion that we have not reached the lower bound on our key interest rates. we have not run out of ammunition. further cuts in policy rates remain an option for the ecb if the outlook on price stability so warrants. the ecb ’ s forward guidance has contributed to more clarity over our assessment of the outlook and our reaction function. our forward guidance has contributed to more stable money market conditions and has helped to anchor market expectations more firmly. it also ensures that our monetary policy stance is not excessively vulnerable to shocks that are disconnected from the underlying economic and monetary conditions in the euro area. references blinder, a., m. ehrmann, m

ravi menon : singapore - catalysing climate solutions of the cop28 singapore pavilion speech by mr ravi menon, managing director of the monetary authority of singapore, at the launch of cop28 singapore pavilion, singapore, 30 november 2023. * * * ambassador kamal vaswani, ladies and gentlemen, good morning. welcome to the launch of the singapore pavilion at cop28 in dubai. every cop is more important than the previous one, simply because with each passing year the world is running out of time. according to the latest ipcc report, the world needs to reduce greenhouse gas emissions by 43 % by 2030, compared to 2019 levels, this is what is necessary to keep temperatures from rising above the 1. 5 degrees celsius threshold. but greenhouse gas emissions are still rising not falling. average global temperatures are already 1. 1 degrees celsius above pre - industrial levels. the negotiations that take place at cop to foster new climate commitments are thus critically important. but it is out here – in pavilions like these - where commitments are turned into action, where individual contributions coalesce into collective impact. the singapore pavilion aims to serve as a platform for such collective action to catalyse climate solutions. later today, singapore will co - host with bain & co the inaugural climate leaders'assembly. we have convened leaders from the private and people sectors to brainstorm ideas and develop initiatives. singapore is committed to achieving net zero emissions by 2050. but our contribution to climate action is not just to remove the 0. 1 % of global greenhouse gas emissions that we account for. more importantly, it is to collaborate with partners from around the world to galvanise resources and incubate and scale solutions for climate action. and singapore is well placed to do this. as an aviation and maritime hub, singapore can play a role in developing the infrastructure and networks for promoting cleaner fuels and decarbonisation. as an international financial centre, singapore can help to mobilise the financing necessary to support asia's transition towards a low - carbon future. as an urban metropolis, singapore can be a test bed for innovative solutions ranging from measures to reduce urban heat to fortifying defences against rising sea levels. the pavilion's programme will span these three big themes : decarbonisation, finance, and resilience. 1 / 4 bis - central bankers'speeches let me start with decarbonisation. as a major air and sea transportation hub, singapore can play a key