##rs to the imf if this is compatible with the monetary financing prohibition included in the treaty on the functioning of the european union. retaining the reserve asset status of the resulting claims is paramount. this requires that the claims remain highly liquid and of high credit quality. the direct financing of multilateral development banks by national central banks of eu member states through sdr channelling is not compatible with the monetary financing prohibition. bolstering the recovery to transform the global economy this pandemic is a prime opportunity for us to build a more resilient future and make progress towards the global economy we want to see, namely a greener, more digital and more inclusive one. we welcome the plans to further integrate climate change - related issues into imf surveillance. at the ecb, we have recently established a climate change centre to help us harness internal expertise and shape our climate agenda in line with our mandate. reflections on climate change and environmental sustainability were central to our recent monetary policy strategy review, as we examined how the risks posed by climate change feed into our monetary 3 / 4 bis central bankers'speeches policy framework. the resulting climate action plan we announced in july presents a comprehensive roadmap to step up our involvement in climate change - related matters, in line with our obligations under the eu treaties. the ecb has already taken concrete steps to strengthen the role of climate risk in both financial stability monitoring and banking supervision. the ecb recently published the methodology and results of our economy - wide climate stress test, showing that there are clear benefits for both banks and companies if they act early and ensure an orderly transition. the exercise will also be used to inform the 2022 supervisory climate stress test that will be conducted to test banks ’ preparedness to assess climate risks. ecb banking supervision has also asked banks to conduct self - assessments in the light of the ecb guide on climate - related and environmental risks and to draw up action plans. the preliminary results were published in august and show that banks have made some progress in adapting their practices, but they are still moving too slowly. next year, ecb banking supervision will conduct a full supervisory review of banks ’ risk management and disclosure practices. as regards the digital economy, the ecb will continue to contribute to the g20 initiative to enhance cross - border payments to make them faster, cheaper and more inclusive, and to address the opportunities and challenges of the digitalisation of finance. at the ecb, we have launched the investigation phase of a digital

this means a banking system that includes a healthy mix of community, regional, and large banking companies. the banking system ’ s diversity allows the united states to have the world ’ s most innovative and entrepreneurial economy, in large part, because both small and large firms are able to obtain the funding they need. the reforms i propose will promote fairness in our banking system. fundamental principles are not anti - business. on the contrary, my recommendations are more pro - business than the current regulatory framework. a credible resolution process, simple rules for leverage and loan - to - value limits, and the volcker rule reforms will allow all banks to compete on an equitable basis. in the end, reinstating these fundamental principles will enhance consumer, business, and main street access to that most essential resource – capital.