the eurosystem moves to a pooled system of printing banknotes. even though the eurosystem contains the central banks of sovereign nations, the unified treatment of euro banknotes recognizes the unifying force of a single currency. clearly, then, as one considers currency, the history of the federal reserve supports and reflects the truth of tommaso ’ s statement. as our economy evolved from regional to national, our currency moved more completely in that direction. i would argue that the euro reflects a different perspective, with the currency playing a catalytic role in the development of a continental economy as well as reflecting developments in that regard. regions and the center in 1913, the very idea of a central bank was contentious in the united states. the result of the federal reserve act was a compromise, with regional reserve banks owned by their member commercial banks and a board in washington to provide oversight. although the integration of u. s. financial markets was considerable by the time the federal reserve act was passed, remaining segmentation made it possible to have different prices for reserve bank credit in different regions during the system ’ s early years. to be sure, these differences were not huge - basic discount rates differed by as much as 1 - 1 / 2 percentage points, with differences of 50 to 100 basis points persisting for long periods. in tommaso ’ s terms, monetary policy operations - that is, discount policy - reflected both the regional nature of the system ’ s charter and the partial segmentation of the financial environment. further integration of the money market over time shifted the focus of policy from twelve regional discount policies to a single national policy. in addition, concern about operational efficiencies and about the level of borrowing led to a move from discount rates to open market operations as the policy instrument of choice. this shift may also have been aided by the expansion of the government bond market during and after world war i. the use of open market operations accelerated the desire for coordination of policy at the national level, so that one reserve bank was not draining liquidity at the same time that another was adding liquidity. again, the financial environment contributed to developments in policy implementation. the balance of policy power shifted from the regions to the center, when the banking act of 1935 established the federal open market committee in its modern form, with the board having the majority of votes. from the perspective of monetary policy, it was at that point that the federal reserve system became a single central bank rather than a confederation of

, etc., but also regulation services such as climate regulation, water purification or pollination. the deterioration of nature through deforestation, plastic and chemical pollution and overconsumption obviously alters the provision of those services. since page 2 sur 13 1970, 14 out of the 18 categories of ecosystem services have declined according to the intergovernmental science - policy platform on biodiversity and ecosystem services ( ipbes ). some of these ecosystems are critical to human life and activity : pest and disease control is an alarming example, with scientists warning of an “ era of pandemics ” if we do not tackle the biodiversity crisis. ii 2. these biodiversity losses pose significant risks to economic growth and the financial system for centuries, human societies, economic activities and finance were very much embedded in nature : loan schedules for example were indirectly shaped by the rhythm of the seasons. nowadays, the vast majority of economic agents act as if our economies were completely “ disembedded ” from nature ( dasgupta, 2021 ) : iii we even call the impacts we have on nature “ externalities ”. but facts do not cease to exist because they are ignored : our economies are deeply dependent on ecosystems. more than half of global gdp – i. e. 44 trillion usd of economic value generation – is estimated as moderately or highly dependent on ecosystem services ( wef / herweijer et al., 2020 ). iv moreover, the total value of the ecosystem services we consume almost for free may amount to more than annual global gdp ( costanza et al., 2014 ). v because financial institutions support the development of economic activity, our financial system is also clearly exposed to biodiversity loss. the joint study group ngfs - inspire thankfully released an insightful report in marchvi highlighting the financial stability implications of nature - related risks, especially those associated with biodiversity loss. biodiversity - related risks can be understood as physical and transition risks, which reminds us the schemes used to analyse climate - related risks. physical risks stem from the dependency of economic activities on ecosystem services and their vulnerability in the case of disruption ; transition risks result from the impact of these activities on biodiversity, which makes them vulnerable to transition policies. as an illustration, recent research showed that exposure to degraded land could page 3 sur 13 impact the value of listed companies in the food supply chain in brazil : the market value of farmers operating on degrading land declined by 13 per cent following extreme weather, while those on healthy soils increased by 6