addressed by my colleague thomas jordan. climate change can pose longer - term risks to financial stability. there are primarily two ways in which climate risks can affect the financial system. one is through the increase in the frequency and severity of natural disasters with all their consequences, and the other is through changes to climate policy and to the corresponding regulations. it is the responsibility of individual financial system participants to fully understand climate risks relevant to them and to correctly assess the potential consequences from a business perspective – just as with other risks. for its part, the snb is focusing on how climate risks could impact on the stability of the swiss banking system as a whole, as well as on systemically important financial market infrastructures. currently, the snb considers the likelihood of risks linked to climate change threatening the stability of the banking system as a whole to be low. in the case of financial market infrastructures, climate risks are minimised, for example, by stipulating that technical facilities be distributed over different locations. the significance of climate risks to financial stability may change over time. the snb therefore considers it a priority to continuously monitor developments and review its assessment. completion of the ninth banknote series to finish, let me turn to a very different topic – the issuance of the ninth banknote series. the development of the new banknotes was a complex, long - term project with exacting design and production requirements. the 100 - franc note, which entered circulation on 12 september 2019, was the sixth and final denomination of the snb ’ s new banknote series. since the issuance of the first of the new banknotes, the 50 - franc note in april 2016, feedback on the new banknotes has been very positive. the new series has been well received by the public. the new substrate durasafe® has also proven a success. preliminary evaluations suggest that this substrate should ensure a longer lifespan for the banknotes. the issuance of modern and forgery - proof banknotes is a central task of the snb. it is important to us that we are able to meet the expectations of the swiss population. the new banknotes use state - of - the - art technology, and are robust and easy to handle. the entire logistical processes, including the modification of atms to accommodate the new notes, also proceeded without significant problems. the eighth banknote series will continue to be legal tender until further notice. the snb plans to announce the recall date for

is essential if we are to ensure that a gradual return to normality in eurozone monetary and financial conditions does not widen the gap between the cost of the public debt and economic growth, as this would, in turn, set off a vicious circle, causing the debt to expand ’. 25 as ciampi would have remarked, and in fact did in 1996, ‘ it is a matter of regaining a degree of freedom in the ‘ 1981 : emergenza economica e nuove vie per il risanamento ’, in scritti nella nuova antologia, vol. 1, p. 66. ‘ quale futuro per l ’ economa e per la finanza pubblica ’, in scritti nella nuova antologia, vol. 2, p. 92. preliminary hearing on the 2017 update of the economic and financial document, pp. 10 - 11, ( https : / / www. bancaditalia. it / pubblicazioni / interventi - direttorio / int - dir - 2017 / en - signorini - 031017. pdf ). adoption of budget policies that has been lost, or at least greatly curtailed, owing to the structural imbalance of our public finances. this freedom is particularly important in a system such as ours, which has to turn economic policy around and redirect it towards growth and employment ’. 26 conclusions 30. carlo azeglio ciampi ’ s qualities cannot be fully appreciated without considering his cultural roots. the writings collected in these two volumes clearly illustrate his intellectual heritage ; though never explicitly named, this heritage is apparent from the citations : mazzini, cavour, einaudi, de gasperi, and onwards to giovanni spadolini, paolo baffi and tommaso padoa schioppa. in an article written in 2009, he is more explicit and precise about this heritage : ‘ my advanced age, ’ ciampi wrote at the time, ‘ leads me increasingly to seek out people and voices from the past ; whether this is to recapture the spirit of youth or to lighten the burden of my present weakness, i do not know. sometimes, i will pick up, at random, an old piece of writing : books of literature, history or politics that were my companions years ago. many of them are the voices of writers that i, too, consider to be among ‘ my elders ’ :