m., coimbra, n., szczerbowicz, u. ( 2023 ) corporate debt structure and heterogeneous monetary policy transmission, banque de france working paper 933. ca ’ zorzi, m., dedola l., georgiadis g., jarocinski m., stracca l. and g. strasser ( 2020 ), “ making waves – fed spillovers are stronger and more encompassing than the ecb ’ s ”, ecb research bulletin no 83. page 4 sur 6 than the opposite, as shown by figure 3 ( slide 4 ). and this share varies across assets : us spillovers exert a larger impact on stock prices than on bond yields, for example. at the same time, there seems to be rising sensitivity of euro area rates to us news of late, amid sustained yield volatility on both sides of the atlantic. with inflation largely driven by common global factors such as energy prices over recent years, it seems that markets use us data as a leading indicator for inflation releases in other countries, implying that rate expectations adjust in tandem. 2. intellectual spillovers global interdependence is not only about economic or financial linkages, but also about ideas flowing across borders, “ intellectual spillovers ”. as the issuer of the main international reserve currency and home of the largest and most liquid financial market, the us has a prominent position in shaping global financial markets. this is particularly true for us monetary policy, which is an important driving force of the global financial cycle. 8 several unconventional monetary policy measures first put in place in the us were later adopted by other countries, such as large - scale asset purchases or interest rate forward guidance. reflecting the us central role, most of the economic literature first uses us empirical applications before applying it to other countries. there are however counter - examples to this. a conference hosted by the banque de france in october showed that there is active research using euro area data and there are clearly lessons to draw from the euro area for other central banks. in fact the direction of spillovers is not just one way. the inflation - targeting framework was pioneered by the reserve bank of new zealand and the riksbank, among others. and the ecb, from its inception, opted for a 2 % numerical inflation reference in the definition of price stability that is now the standard worldwide. fixed - rate full allotment ( frfa ),

targeted longer - term refinancing operations ( tltros ), negative rates, or measures aimed at restoring monetary policy transmission such as the pandemic emergency miranda - agrippino, s. and h. rey ( 2020 ), “ us monetary policy and the global financial cycle, " the review of economic studies, vol. 87, november 2020, pp. 2754 - 2776. page 5 sur 6 purchase programme ( pepp ), were all novelties that the ecb brought into mainstream central banking. this reciprocity is also visible in the growing interactions between the ecb and the federal reserve at all levels. this greatly helps overcome the atlantic barrier. let me for example mention the research area, where frequent exchanges are taking place among staff, and the now established practice of bilateral video conferences on topics of relevance to both institutions. while i welcome these growing interactions, let me also stress that more needs to be done to facilitate publication of euro area research in us - based reviews and its broader dissemination through appropriate citations. 3. international cooperation central banks have made bold progress in collectively managing spillovers, particularly during crises. one good case in point is the development of a network of standing currency swap arrangements across central banks to provide emergency liquidity, which contributes to foster global financial stability. likewise, the strengthening of the basel framework helps reduce adverse spillovers, and the banking turmoil of early 2023 underlines the importance of fully implementing the basel iii rules. furthermore, in order to ensure financial stability, central banks strive to act efficiently in many areas. we are doing more than simply safeguarding the past and fixing problems. marked progress has been made to secure payment systems and infrastructures, supervise financial institutions while closely monitoring vulnerabilities and assessing new risks such as those stemming from non - bank financial institutions ( nbfis ), crypto - assets and the emergence of decentralized finance ( defi ). let me add that, within their mandate, cooperation between central banks should be strengthened to promote climate mitigation policies across their fields of intervention. the bis, an international financial institution owned by central banks, is a good example of a well - functioning and efficient multilateral organisation. trust, cooperation and respect among members are three building principles of the bis that are key ingredients for effective international cooperation. page 6 sur 6 finally, central banks are very active in promoting research and steering global networks such as the international banking research network 9 and the network of central