also the potential risks to financial stability. and when it comes to broadening access to ccps ( central counterparties ) in the market, there are still some obstacles, which need to be eliminated beforehand. although the fee models for ccps ( central counterparties ) have been improved upon, central clearing still seems to be uneconomical for smaller market participants, as ccps ’ participants have to meet very strict risk management requirements. therefore, we should do more to improve the attractiveness of the access models in general. talking about new risks that ccps ( central counterparties ) need to consider going forward, climate change risks have become increasingly important. while climate effects are becoming more and more visible, global efforts to tackle climate change risks are also on the rise. commodity ccps ( central counterparties ) have been primarily affected by recent developments like the spikes in energy prices and market volatility in the context of current tensions between russia and ukraine, which challenged ccps ( central counterparties ) ’ stress test models significantly. despite the high levels of market turmoil, ccps ’ risk models appear to have performed well on the whole. while this is welcome news, ccps ( central counterparties ) need to continuously review their model performance. given the potential impact of climate risks on financial markets and consequently on ccps ( central counterparties ), all ccps need to evaluate how to integrate climate change - related risk adequately into their risk models. by taking climate risks more into account, ccps ( central counterparties ) – in their capacity as intermediaries – could play a role in adequately mitigating the transfer of climate risks to financial markets. the journey has just begun : although a lot has been achieved, there is still a lack of uniform standards applicable worldwide. since climate change is a global issue, local standards and measurements need to be aligned around the world. it is up to governments and regulators to make sure that an assessment of climate risks takes place in an organised manner, and to provide the necessary framework. in order to do so, i see also ample scope for further analytical work. much remains to be done, but i am sure that together, we can shape the future of tomorrow. 3 farewell ladies and gentlemen, colleagues, thank you again for taking part in today ’ s conference and making it such a success. i am convinced that today ’ s conference has delivered what it set out to achieve.

andreas dombret : from dream to reality – how finance serves the economy, and how not speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the south african institute for international affairs, university of pretoria, pretoria, 30 august 2016. * 1. * * introduction ladies and gentlemen dreams can be built – at least, if you believe the movie inception. in that motion picture ’ s scenario, a technology has been developed that allows one to enter another person ’ s dream. in that dream, then, thoughts can be planted – or incepted. for this, the intruder needs to construct a dream scenario inside the target person ’ s dream. by incepting an idea in a person ’ s mind, his actions in the real world can be manipulated. unfortunately, politics sometimes shows surprising parallels to the world of cinema – in politics, colourfully painted dreams are often used to sway voters. but all too often, political dreams are built on a limited understanding of reality. that ’ s why they are bound to crumble. that ’ s why swayed voters wake up to a nightmare version of reality. such a dream world is the political strategy of finance - led growth, a dominant political ideology since the 1980s. the dream goes as follows : growth of financial markets fuels investment ; and in this way, it leads to an increase in wealth and well - being for all people. many people, among them the majority of experts, believed this to be true – explicitly or implicitly. however sophisticated the construct of the dream, it did not pass the test of reality. it crashed hard when the financial crisis erupted in 2007. nine years later, one might think that we would have sorted out what went wrong. and so we have, to an extent : we have learned that markets cannot regulate themselves ; they do not work without rules. that ’ s why we devised far - reaching reforms. but unfortunately, we are still struggling with perhaps the most important lesson. in our quest for well - being, the dream of finance - led growth has still not been replaced with more realistic policies. as memories of the crisis fade, decision makers are once again pushing for finance to produce illusionary wealth. today, i want to talk to you about the dreams and the reality of finance - led growth – about what finance can deliver, and what not. 2. old temptations … and relapse into old patterns? immediately after the financial crisis struck