to reduce vulnerability to climate impacts is particularly critical in africa. that's why it is so important to discuss how to scale up adaptation finance in africa. i found it very interesting to hear about challenges, possible solutions and how central banks and supervisors – and the ngfs – can support the mobilisation of adaptation finance. 2 / 4 bis - central bankers'speeches in a moment, we will look more broadly at the role of central banks and supervisors in addressing climate - related challenges. against a backdrop of increasing political fragmentation and polarisation, cooperation and collaboration are more important than ever. because our planet is heating up fast. last year was the warmest on record. 5 the implications of climate change for central banks, monetary policy and financial supervision are profound and multifaceted. central banks and supervisory authorities around the globe must adapt to and tackle these challenges. as independent institutions, we can best do so by communicating the facts clearly and transparently! our work can help to ensure that climate risks remain a top priority – in africa and globally – despite the many headwinds. our upcoming, final panel discussion will round off a very productive day. today's outreach meeting helped us to identify and discuss issues that are particularly relevant to economies in africa. the ngfs is about sharing knowledge, experiences and best practices. about learning from one another. personally, i learned a lot today, and i hope you did too. before we move on to the panel, i would like to thank yann marin and the team at the ngfs secretariat as well as everyone from the sarb for organising the meeting today. thank you for being great partners in steering our global network. and most importantly, thank you, everyone, for your contributions. i look forward to continuing our exchange and i am sure there will be plenty of opportunities throughout the year. in fact, tomorrow will already be our next opportunity. i am sure i will see some of you at the meeting of the basel committee on banking supervision and the financial stability institute where we will also discuss the role of supervisors in addressing climate change. and beyond that, i will be back soon in the context of the south african g20 presidency. moreover, i recommend that each and every one of you attend the ngfs plenary meeting in delhi in march, where we will need your perspectives as well. so, let's keep in touch and, together, let's all continue the success story of the ngfs! thank you. 1

jens weidmann : academic colloquium in honour of prof. dr. dr. h. c. mult. otmar issing video message by dr jens weidmann, president of the deutsche bundesbank and chair of the board of directors of the bank for international settlements, at the center for financial studies ( cfs ) in cooperation with the leibniz institute safe, virtual, 29 june 2021. * * * 1 introduction it is a great pleasure for me to speak at this academic colloquium in your honour, celebrating your 85th birthday. i would have very much liked to offer my congratulations to you in person, but unfortunately this is not possible due to my commitments at the bis. paying tribute to such an outstanding central banker, academic, and personal friend such as yourself, otmar, within the space of just five minutes, is an almost impossible task. 2 lifetime achievement there is no question that you are one of the most renowned central bankers of our time – and rightly so. last year, the “ central banking ” magazine honoured you for your lifetime achievement. and, indeed, you have achieved so much over the course of your career. you have shaped the landscape of monetary policy in europe like few others. to this day, the bundesbank and the ecb are still reaping the benefits of your legacy. it was your initiative, for example, that led to the creation of the research group that essentially formed the nucleus of the bundesbank ’ s research centre today. without a doubt, the greatest distinction of your career is that you successfully guided the then brand new ecb as its chief economist. you played a key role in building up the ecb ’ s credibility and reputation as an institution focused on maintaining price stability. your master stroke was the formulation of the ecb ’ s stability - oriented monetary policy strategy. together with your team, you created this strategy from the ground up in 1998, amidst an environment of high uncertainty and within a very short period of time. while it is commonly referred to as the “ two - pillar strategy ”, it actually contained three important elements : a quantitative definition of price stability oriented to the medium term, a prominent role for money, and a broadly based assessment of the outlook for price developments. you also oversaw the review of the strategy in 2003. in essence, the strategy was reaffirmed with just a somewhat less prominent role for money and a clarified policy aim. i believe you