financial market on average, central banks of industrialised countries changed their policy rates every 5 months both in the 1980s and the 1990s ( source clerc et yates ( 1999 ) : “ interest rate stepping : some puzzles and facts ”, mimeo bank of england ), which is close to the frequency of the ecb interest rate changes ( 4. 7 months ). turmoil. it is all the more important to acknowledge these achievements since it was said in some quarters that the euro would never see the light of day or that it would create severe economic disruptions. those scenarios have not materialised. in the post - war european adventure, the euro represents a major milestone. that said, and whatever its own merits, a currency is not an end in itself, even though the new eu members are keen on adopting it as soon as possible. entry into monetary union must be founded on a sustainable convergence process. enlargement of the euro area also gives renewed impetus to addressing the challenges ahead as it makes it more pressing for policy - makers to tackle long - ignored weaknesses. this is a crucial contribution to building a stronger eu, in which i strongly believe. all in all, let me express my confidence in the future of the euro and of the single monetary policy of a large euro zone.

of its own assumptions to embed itself in nature. all this means that, if we really want to understand the macro - financial criticality of nature, we will need to engage in more conceptual and even philosophical debates. in other words, we cannot solve a problem with the mindset that contributed to generating it in the first place. 3. central banking in the anthropocene : some initial thoughts towards re - embedding our economic and financial systems within planetary boundaries what should we do, then, to re - embed economic and financial systems within our planetary boundaries? while i do not pretend to have the answer to such a question, let me open up a few avenues. as central banks and supervisors concerned primarily with price and financial stability, the first thing we can do is delve further into the assessment of financial risks, while being aware of the limitations of such an exercise because of the points i raised earlier. but perhaps we could at least be informed by some of the issues i discussed, and be willing to explore new frontiers. for instance : - how could we design scenarios that account for what ipbes experts are telling us, for instance with regards to the different values of nature, the rights of indigenous people and the need to think comprehensively about economic, social and environmental inequalities? - how much can the global economy grow while accounting for all planetary boundaries? and how to distribute this “ remaining growth page 9 sur 12 potential ” between rich and developing countries, as a fair transition is key? - what could be the impacts of lower growth rates or potential no growth on global value chains, on employment, on different economic sectors that could win or lose from the transition? - which assumptions do we make about demographic trends? i actually greatly appreciated that in his review professor dasgupta mentioned demography. i am aware that this is a delicate issue but it has several ecological and macroeconomic implications and we should be able to assess them. - how should we tackle climate change and biodiversity, taking into account the complexity of each of both issues but also their interaction? if you think that this is too political for central bankers, let me strongly oppose this view : what would be too political is to deny all the evidence gathered by natural and social scientists for the past decades. just one year ago, before the war, it would have been unlikely to think about potential energy constraints linked with a hybrid war. i wish more people had dared to work on disruptions of energy supply