given the major challenge posed by populism, how can the ecb be brought closer to the citizens? this is one of my priorities. bringing the ecb closer to the people requires dialogue and explanations. we need to engage with our fellow citizens and enter into dialogue with them. we need to explain to them – also through you – what the ecb does and that we are committed to doing its work effectively. we should bear in mind that three - quarters of euro area citizens are in favour of the euro. your mandate is to ensure price stability. is this the main issue today? doesn ’ t asking the question imply an assumption that price stability has been maintained? i would take that to be a compliment for the ecb. indeed, since the introduction of the euro, annual inflation has averaged around 1. 7 % in the euro area. however, inflation currently stands at 1 % and inflation projections are still low, at some distance from the level of below, but close to, 2 % that we would like to reach over the medium - term. the president of the european commission, ursula von der leyen, has presented her “ green deal ”. how will it interact with ecb policy? are you going to transform the ecb into a green bank? i commend the determination of my friend, ursula von der leyen, and her commitment to the environment. this battle is to our credit in europe, with all of us acting within our remits. in this, i also include the european investment bank. we will play our part within the framework of our mandate of maintaining price stability and of banking supervision. what effects do climate - related risks have on our growth and inflation projections? what signals do we send through our bond purchases and what assets are held by the banks that we supervise? the stakes are high enough to arouse a keen interest in these questions, while pursuing our primary mission. as regards monetary policy, the review of our strategy will be the ideal time to address these questions. given the low or even negative interest rates, are savers right to be worried about their savings? 2 / 4 bis central bankers'speeches the measures taken aim to maintain stable prices. in the medium to long term, this ensures the best possible economic environment and the preservation of purchasing power for all, whether savers or borrowers. interest rates are instruments rather than objectives in themselves. there have been times in europe when savers invested in money market funds that delivered

high returns, such as at the start of the 1990s. but the monetary environment of that period penalised borrowers and the situation at that time resulted in a deep economic recession. in a recession, savers tend to reduce their savings in an effort to maintain their level of consumption. in other words, a recession is bad for savings. negative interest rates aim to keep the economy on a balanced growth path and to avoid a recession. isn ’ t it a little shocking that banks could charge for holding deposits? it would be shocking if the banks did not take full advantage of the historical monetary conditions that they are benefiting from to provide more funding to the real economy. but negative interest rates have been useful and progress has been made. in spring 2014, just before the rate on the deposit facility was reduced into negative territory, lending to the real economy was declining with all that that entailed, such as the risk of an economic downturn and deflation. today it is growing at about 3. 5 % per year. specifically, it is not just countries, but firms and households too, that are living off credit. are we witnessing the creation of “ bubbles ”, in particular property bubbles? overall, not in the euro area as a whole, although the work of the european systemic risk board, which i chair, and the ecb ’ s latest financial stability review call for prudence and the implementation of targeted macroprudential measures, which are sometimes necessary at the national level. can the euro take advantage of the current turmoil to gain ground on the world stage? i share the european commission ’ s view that there is indeed room for the euro to further develop its international role in line with the economic and financial importance of the euro area. but, ultimately, it ’ s the economic agents who determine whether this takes place. of course, we will help strengthen the international role of the euro by being credible in what we do, by making the euro area more robust, by completing banking union and the capital markets union, and by continuing to innovate in the field of payments. is creating a cryptocurrency a legitimate task for the ecb? innovation in the area of payments is racing ahead in response to the urgent demand for quicker and cheaper payments, especially cross - border ones. the eurosystem in general and the ecb in particular want to play an active role in this field, rather than just acting as observers of a changing world. in 2018 the