scenario projects a 2030 gdp about 0. 5 % above the baseline, resulting from an increase in private consumption due to an efficient use of carbon revenues. the impact of the green transition on inflation is also of great importance, especially for central banks. if there are rising carbon prices and increases in the price of critical raw materials as a result of the roll - out of green technologies, this may lead to a period of high energy prices. according to an ecb survey of leading firms, more than 80 % of respondents agreed that mitigating climate change, would make the raw materials and components they use for this purpose more expensive. almost as many agreed that this would increase the price of the goods or services their company provides. if prospects of persistently rising energy prices contribute to the risk of de - anchoring inflation expectations, or if underlying price pressures boost rather than suppress growth, employment and aggregate demand over the medium term, then monetary policy cannot just look through energy price shifts, even if they are of structural nature. therefore, it is important to monitor the transition and understand to what extent the green transition, which is undoubtedly necessary, may have a rising impact on prices. in relation to this, policy makers, including central bankers need to be equally attentive to the broader challenge of climate change. the latest ecb monetary policy strategy review, incorporates climate considerations in its monetary policy framework. the monetary policy strategy review has laid out a roadmap with climate change - related measures for the next years. this includes the development of new macroeconomic models to monitor the implications of climate change for monetary policy, the introduction of new indicators for green financial instruments and the carbon footprint of financial institutions, and new climate stress tests for banks in the euro area. in conclusion, the ecb's recent monetary policy actions stand as testament to our commitment to price stability. the path we have chosen has been both challenging and rewarding. as we look to the future, we need to remain dedicated to adapting our policies to meet the ever - changing economic environment, always with the aim of fostering price stability for a prosperous euro area. we should pursue our efforts, always having in mind that we cannot change the direction of the wind but we can adjust our sails to always reach our destination! 3 / 3 bis - central bankers'speeches

the economy starts to actually erode confidence? we say clearly that we have a cyclical recovery, which is moderate. the investment cycle is quite weak still. we know the recovery is fragile. there are a number of geopolitical issues that weigh on confidence in general. this fragility is a fact of the environment. i think what is different about the recovery is that this is the aftermath of what some have called a balancesheet recession, and that starts to be better understood now. it ’ s a stock adjustment, there are legacy problems which our societies have big difficulties in addressing. you have still in a number of countries non - performing loans weighing on the balance sheets of a number of financial institutions. we also see that insufficient changes in the way that european institutions function have been weighing on the recovery. what do we still need in terms of european reform? we have gone a big part of the way with the banking union, but there the last miles are very important. for example, we do not have a system where the private sector will share risks across borders, where capital and liquidity are fungible in pan - european financial institutions. a common deposit insurance would help, but it ’ s important to allow a european bank to be able to operate in the euro area as a single entity. not all banks would be able to do that, but we need to have a timetable where we say, four or five years from now the banks that qualify in terms of quality and quantity of capital will get a european license. you need to put a very serious, technical, timetable for that, and announce it. that would create a new environment for banking. is there a challenge to the ecb ’ s credibility because of the change of stance on the effective lower bound of rates? the story of the lower bound is a very simple one. for all non - standard measures there is not much historical experience, there was very little academic literature until recently. many central banks thought the zero lower bound is zero, and when we initially decided to go for – 0. 1, we were not fully sure of the total impact on financial conditions in general and especially on banking. the negative deposit rate, like most non - standard measures – the forward guidance of july 2013, the ltros starting in 2011, the tltro and the app – delivered more than we expected in terms of their impact on financial conditions. what surprised us more on the negative side was the slow transmission of easier financial