european economy. the single currency put an end to these serious disruptions. it also considerably simplifies day - to - day life : there are no longer any conversion fees for individuals, or any more uncertainties relating to exchange rate volatility for companies. for many firms, including italian imprenditori, their market naturally expanded from their domestic market to the whole of the euro area. according to empirical studies, the euro has thus led to a 5 to 15 % increase in trade between member states. an internationally recognised currency the economic size of the euro area and the stability of its currency allow the euro to play an international role. before the euro, in 1995, only the deutsche mark was an international reserve 2 / 6 bis central bankers'speeches currency, with a share of 15 % of global reserves. today, our shared currency accounts for 20 % of international reserves, in second place behind the dollar. an internationally recognised currency generates economic gains : the financial markets are more attractive for foreign investors, more liquid, and therefore more efficient. but it also carries a political weight : i know that when mario draghi speaks at the g7 or at the g20, the whole world listens to europe attentively. in the global financial arena, which has become turbulent, this union is our greatest chance ; none of our countries would have such clout in insolation. our sovereignty relies necessarily on european sovereignty. * * * the euro makes us more robust, and gives us more confidence in our currency : this is a considerable asset amidst so much uncertainty. the euro has naturally also provided us with a strong symbol of unity among european nations. moreover, from 12 at the start, the number of participating countries has risen to 19 today : 7 countries decided democratically to join the euro, and none has wanted to leave it. these are the concrete economic benefits that make the 340 million citizens of the euro area attached to their currency, to our currency. this attachment, which has been measured since the outset, has remained strong throughout the crisis. 70 % support the euro today, i. e. the highest level since 2008 ; a large majority of french citizens support the euro ( 68 % ). support remains strong in italy, albeit at a lower level ( 53 % ). the euro is not a technocratic utopia : it is a political and democratic decision, supported 25 years on – with hindsight – by a clear majority of citizens. ii. however, there are four

us : on both sides of the atlantic, inflation is too high. but it doesn't have the same nature : the energy component is higher in europe ; the demand one higher in the us, where the labour market is also tighter. hence we don't need to raise rates at the same pace, nor to the same level. that said, signs of peaking inflation – headline and core – in the us last thursday are good news for everyone, as the us has been ahead of the global inflation cycle, and the us monetary tightening has had strong spill overs on the rest of the world through the high level of the dollar. central banks are thus playing their part in the fight against inflation, but let us not forget structural economic measures. " beefing up " our productive capacity also has the potential to help reduce inflation in the longer term, in addition to increasing potential growth. this holds especially true when it comes to our ecological transformation, in order to decrease our dependency on fossil fuels. beyond the significant adaptations that are needed in our productive systems, this major transformation will require massive investments, both public and private. and this is where sustainable finance has a key global role to play. ii. sustainable finance in france, in europe and in japan 2 / 4 bis - central bankers'speeches a. sustainable finance, especially green finance, remains dynamic despite difficult conditions in bond markets while issuance of bonds have slightly decreased in 2022, due to an uncertain economic and financial environment, it is striking that most segments of sustainable finance have resisted well. in particular, green bonds have even continued to expand by 15 % in the first half of 2022, reaching eur 260 billion. ( iii ) among those, sovereigns represent almost half of total issuance volumes. the french state, which was the first sovereign issuer of green bonds in 2017, now has the greatest outstanding, amounting to eur 45 billion. and the european commission, with its ongoing ngeu programme, is gaining momentum and will become the biggest issuer within the next few years, as it is set to issue 30 % of this programme, or eur 250 billion, in green bonds. ( iv ) japan is also gaining momentum, notably through its green growth strategy laid out in december 2020 to facilitate private investment – through green finance among others. b. central banks'and supervisors'actions regarding climate change central banks and supervisors are delivering what they promised, in their catalytic role within the financial system. let me stress