our people face. inevitably, the main agents of change will be europe ’ s metropolitan regions – like frankfurtrhinemain - working on the ground to make transformation happen. at the ecb, we can consider ourselves fortunate to callfrankfurtrhinemain our home and be part of this vibrant community. short distances, the green belt of the rhein - main regional park and a lively culture contribute significantly to our quality of life. but above all, the openness and generosity of the people here always makes us feel at home – and i have certainly felt that personally since i arrived. so it is probably no coincidence that frankfurtrhinemain – where one in six residents hold a foreign passport – has always attracted people from all over the world. returning to the words of goethe : “ in a city like frankfurt, you are in a curious situation where the paths of foreigners are constantly crossing, pointing to all corners of the world and awakening an urge to travel. ” 1 ebner, a., raschke, f. ( 2013 ), clusterstudie frankfurtrheinmain, wettbewerbsvorteile durch vernetzung, schumpeter center for clusters, innovation and public policy, goethe - universitat frankfurt am main 2 ministry of economics, energy, transport and regional development of the state of hesse ( 2016 ), “ innovation through interaction : hessen ’ s houses of ”, december. 3 borosilicate glass is chemically almost inert, i. e. it avoids interaction between the packaging and the vaccine, thus preserving the efficacy of the drug. it is also temperature stable at temperatures from - 200°c to + 500°c. 4 lagarde, c. ( 2021 ), “ monetary policy during an atypical recovery ”, speech at the ecb forum on central banking, frankfurt am main, 28 september. 5 european investment bank ( 2021 ), “ investment report 2020 / 2021 : building a smart and green europe in the covid - 19 era ”. 6 european investment bank ( 2021 ), “ digitalisation in europe 2020 - 2021 : evidence from the eib investment survey ”. 4 / 4 bis central bankers'speeches

structure, spanning 75 cities and municipalities and three federal states, it is one of europe ’ s leading metropolitan regions. today, it accounts for nearly a tenth of german gdp. so how has frankfurtrhinemain achieved this success? the region has long benefited from its location at the heart of europe, situated along two major waterways and the most important historical trade route – from paris to russia, via frankfurt. this gave rise to important industrial sites along the rivers, but also to the trade fairs in frankfurt and to the city ’ s status as a leading european financial centre. 1 / 4 bis central bankers'speeches still today, the region truly serves as a gateway to europe, hosting europe ’ s busiest cargo airport, the world ’ s largest internet exchange and one of the world ’ s largest trade fairs. yet the region has also moved with the times. the region ’ s actors have kept an open mind and found highly effective ways to adapt and innovate. in the early 1990s, the region was among the first in germany to build regional clusters to drive knowledge exchange and shared infrastructures in the sectors underpinning its gateway function. 1 and the region also recognised that being a major hub enabled it to extend its reach further, by becoming a genuine gathering point for talent, technology and knowledge from all over the world. this formed the basis for frankfurtrhinemain to boost its innovation potential by integrating universities more strongly, in particular for applied research. the so - called “ house of ” clusters, such as the house of finance, or the house of pharma generate an innovation edge for the region as a whole. 2 this edge has been especially visible during the pandemic, where companies operating in the area have been at the forefront of the response to the pandemic, including by exploiting strong networks in the region. one of the key vaccines was produced by the pharmaceutical company biontech, in cooperation with pfizer. a large pharmaceutical company in the region was then able to meet the high demand for lipids – a key component of mrna - based vaccines. just as important were the borosilicate glass bottles3 supplied by a special glass manufacturer nearby and used to safely store the vaccine. and frankfurt airport – as the european leader in air freight – was able to handle the unprecedented logistical challenge of transporting millions of life - saving doses worldwide. it would not be excessive to say that regional connections in frankfurtrhinemain have profoundly affected the globe. adaptation and innovation