strategies, business plans and significant policies that embed the dei principles and goals. regular and transparent reviews and monitoring of dei progress and challenges should be put in place, with clear key performance indicators established to measure progress. bod should ensure the operations are conducted in alignment with the approved strategies and business plans. secondly, bod should establish clear corporate values and lines of responsibility that promote a culture of diversity, equity, and inclusivity. there should be clear lines of responsibility and accountability that are communicated throughout the organisation. thirdly, bod should ensure management is well - versed, competent, and a strong proponent of dei. this is important to build employee's trust and assures them that they are employed by an organisation that supports and respects dei agenda. finally, bod should ensure that comprehensive risk management policies, processes and infrastructures are established to manage dei - related risk events such as discrimination and harassment claims, unconscious bias, failure to create an inclusive work environment, legal compliance, or failure to comply with diversity and equal opportunity laws. this way, the organisation is protected from the reputational damage that could affect the business and its stakeholders. distinguished members of the board, ladies, and gentlemen 3 / 4 bis - central bankers'speeches i urge bod members who are present here today, to deepen your understanding of this subject, and advocate for the benefits dei can create for the organisation. empowering change through diversity, equity, and inclusion is a strategic business imperative. let us together embrace this opportunity to lead with courage, empathy, and determination as we build a future where diversity is celebrated, equity is ensured, and inclusion is the norm to unlock the full potential of our organisations. with that, i thank you for your attention and wish everyone a fruitful and productive day ahead. 4 / 4 bis - central bankers'speeches

s links with the western balkans, the mediterranean countries and the countries of the commonwealth of independent states, notably russia, have strengthened as well. in line with this, we have also observed significant use of the euro by public authorities and private agents in these countries. let me now turn to the ten new eu member states. for the moment, any use of the euro by authorities and private agents in these countries - as in denmark, sweden and the united kingdom continues to be an “ international ” one, as the euro is still being used there by non - euro area residents. however, unlike denmark and the united kingdom, the ten new member states have not asked to opt out of the single currency. thus, they will adopt the euro once they have fulfilled the requirements as laid down in the treaty establishing the european community. this entails that, on their road to the euro, they will, at some point, join the exchange rate mechanism ii. erm ii is a multilateral arrangement of fixed, but adjustable, exchange rates with a central rate and a standard fluctuation band of ( 15 % against the euro. thus, under erm ii, the official use of the euro in its role as an anchor currency by some non - euro area eu member states will no longer represent a unilateral decision by the respective authorities. rather, it will be based on a multilateral agreement between the member state concerned, the euro area member countries, the ecb and the other member states participating in the mechanism. this is most evident with regard to the decisions on central rates, as they are taken by mutual agreement of the various parties to erm ii. moreover, several exchange rate regimes are incompatible with erm ii participation, including pegs against anchors other than the euro. the new member states differ greatly in terms of their economic structures, current exchange rates and monetary regimes, and in the degree of nominal and real convergence already achieved. thus, no single path towards erm ii and the adoption of the euro can be identified and recommended. rather, a case - by - case approach - based on the principle of equal treatment - will be followed, in line with the stipulations laid down in the treaty. this includes the criteria concerning the sustainability of nominal convergence, better known as the “ maastricht criteria ”. there will be no additional criteria but there will be no relaxation of the criteria either. we are aware that the road to the euro will be demanding,