responsible for the area of payments, i am a member of this group. on 2 october, we published the first results of our analysis. 4 the main question to be asked is this : under what conditions might it become necessary to introduce cbdc for the general public, or a digital euro? a structural decline in demand for cash, general support for digital transformation, and potentially competing other offerings of digital money from bigtech firms or other central banks are mentioned as possible motives for issuing a digital euro. this brings me back to disruption. the debate on the digital euro has just started. my impression is that many stakeholders in the economy have only now begun to understand this thing called cbdc. banking sector players who run successful business models for cashless payments, especially, need to grasp what it means to issue a digital euro in the euro area. some challenges would need to be overcome in this regard, particularly concerning the potential impact on banking business, financial stability and the central bank balance sheet. whether we will issue a digital euro is something which has not yet been decided. i would like to mention the ongoing public consultation which is open until 12 january 2021. the aim of this consultation is to find out the opinions of individuals, companies and other stakeholders on the digital euro, which we need to take on board when reaching a decision about an imminent “ go ”, a “ no - go ” or a “ go later ”. considering what covid - 19 has taught us about real disruption, i think there needs to be a response to the growing demand in the economy for cheap, quick and convenient means of payment which can also be used in new payment situations, like machine - to - machine payments. the bundesbank is deeply engaged in the debate on cbdc. but we are also thinking about alternative solutions, which could avoid disruption and help overcome the existing challenges, reap the benefits of going digital, and support new payment use cases without introducing cbdc. one way could be to enhance conventional payment systems, both at a domestic and a global level. in this respect, we urge the market to develop a pan - european payment solution with full deployment of the new instant payments infrastructure. in addition, we believe that the roadmap developed by the financial stability board ( fsb ) provides an excellent plan to enhance crossborder payments. 5 in this respect, it also becomes clear that cbdc is not a panacea ; the challenges we face are multi - faceted, and we

joachim nagel : the benefits of diversity for central banks speech by dr joachim nagel, president of the deutsche bundesbank, at the g7 cebadi diversity, equality and inclusion summit 2022, frankfurt am main, 4 november 2022. * * * 1 welcome good morning everybody, when i was invited to give the " opening speech " at your cebadi summit some time ago, i happily agreed. unfortunately, my schedule changed in the meantime and i wasn't able to make it yesterday. thus, i am only joining you on the second day of this summit. and i would like to share some thoughts with you : the experts who are driving diversity throughout central banks worldwide, who are attending this summit either in person or virtually. 2 why diversity does matter let me start with the basics. the bundesbank, as a federal authority in germany, is of course committed to the values of our society. diversity is a cornerstone of our liberalpluralistic system of values. it is enshrined in our constitution and a key human rights issue. as a public authority, we also want to reflect the society we serve. this is a question of fair participation for all. looking at the bundesbank as an employer, however, there is another aspect that needs to be taken into account. we need more diversity because diverse teams can achieve better work results. the reason is that diverse teams are more likely to question traditional structures and to think creatively. they tend to find different ways of solving a problem. this is how innovation is achieved and how an organisation remains capable of learning and developing. 3 dimensions of diversity to attain this diversity of thought, we need to promote all dimensions of diversity in all its facets. over the last decade, the focus of diversity at the bundesbank has been first on the inclusion of people with disabilities and second on equality between men and women. we have already been very successful in the inclusion of persons with disabilities. in 2014, the bundesbank further developed the previously existing integration agreement and adopted the inclusion agreement. in doing so, it became one of the first federal authorities in germany to adopt the un disability rights conventions and to firmly anchor the guiding principle of inclusion within the bank. in recent years, the bundesbank has significantly exceeded the legally required quota of 6 % for employees 1 / 3 bis - central bankers'speeches with disabilities. last year, this quota was even slightly above 9 %. however, for me