action can be taken on three broad fronts. first, we need to ensure that trade remains as open as possible within new geopolitical constraints. and this especially applies to maintaining market access for developing countries that should not have to suffer from great power competition. second, we need to make gender a more substantive component of trade negotiations so that women benefit as much as they should. today, over 80 regional or bilateral trade agreements have at least one provision mentioning gender or women. [ 8 ] that number needs to increase. third, we need to see more women in leadership positions, since that could support trade openness and arrest the slide towards fragmentation. female leaders tend to possess qualities that can be especially beneficial in times of geopolitical tensions. one study finds that they are particularly good at thinking holistically, managing complexity and embracing cooperation – attributes that are ideal when it comes to trade negotiations. at heart is a reciprocal relationship – trade can empower women, and women can empower trade. but we still have some way to go before female leadership becomes as prominent as it needs to be in this world. for instance, women have held only 12 % of the top jobs at the biggest multilateral institutions since 1945. [ 10 ] that has to change. and i have no doubt that, together, we will get there. as we celebrate international women ’ s day, i think of the young women that i see today, and the opportunities that stand before them. and the words of the writer gertrude stein come to mind : “ you are extraordinary within your limits, but your limits are extraordinary. ” because today is not simply about how we, as women, respond to a changing global economy. it is about how we shape it, too. thank you. 1. shin, h. s. ( 2023 ), “ global value chains under the shadow of covid ”, columbia university cfm - per alternative data initiative virtual seminar, 16 february. 2. specifically, trade restrictions across goods, investment, and services. the data cited relate to exports only. see georgieva, k. ( 2023 ), “ confronting fragmentation where it matters most : trade, debt, and climate action ”, 16 january. 3. world bank and wto ( 2020 ), “ women and trade : the role of trade in promoting gender equality ”, washington, dc. 4. see gailes, j. et al. ( 2018 ), “ gender and income inequality in united states tariff

their ecological footprint. 24 but equally importantly, the ecb is subject to the treaty requirement to “ act in accordance with the principle of an open market economy with free competition ”. in the end, the treaty grants the ecb a high degree of independence and it enjoys broad discretion in implementing its policies. we thus need to carefully weigh all relevant considerations and determine the actions that would be both legal and effective in promoting environmental protection without interfering with the main objective of the ecb ’ s monetary policy under the treaty, which is price stability. views and opinions certainly differ here. but i would argue that the ecb, acting within its mandate, can – and should – actively support the transition to a low carbon economy, in two main ways : first, by helping to define the rules of the game and, second, by acting accordingly, without prejudice to price stability. 25 our actions to protect the environment begin with reducing our own ecological footprint. in 2007 we adopted an environmental policy and registered with the european eco - management and audit scheme. for more, see ecb ( 2018 ), “ 2018 update of the ecb ’ s enviornmental statement ”, october. much of this is already happening, although i have no doubt it will intensify in the future. the ecb, together with other national central banks of the eurosystem, is actively supporting the european commission ’ s sustainable finance agenda. 26 5 / 9 bis central bankers'speeches we are doing this by supporting ongoing work in various international and european fora aimed at enhancing the pricing of climate change and transition risks and promoting the reorientation of financial flows towards sustainable investment products. 27 a tangible side effect of these measures is that, once adopted, they will automatically be reflected in our collateral framework. that is, once markets and credit risk agencies price climate risks properly, the amount of collateralised borrowing counterparties can obtain from the ecb will be adjusted accordingly. we have also joined the central banks and supervisors network for greening the financial system. ecb staff are contributing in all three work streams. my presence here today emphasises that we take our membership seriously. the network will play an important role in coordinating work among central banks and in defining and promoting best practices. finally, we are also supporting work on sustainable finance - related topics at the level of the g20. central bank asset portfolios differ in their ability to support sustainable investment the second step relates to incorporating these best practices into our own activities