markets from a policy and research perspective taught me that evaluating the strength of a disinflationary process hinges on a good understanding of the interaction between wage formation and price setting 2 / 5 bis - central bankers'speeches dynamics. this can, in turn, inform the decisions of the central banks and support the dialogue amongst social partners, which played a positive role in some of the past disinflation episodes, as i mentioned earlier. * * * the adverse supply shocks that have hit the euro area predominantly originated abroad, and the global landscape in which the ecb operates is evolving rapidly. while fostering international cooperation is essential to addressing global challenges, it is not sufficient on its own. europe should act as one to address the challenges of our times. i was myself directly involved in the negotiations on next generation eu. the readiness to act together played a key role in restoring confidence and supporting the recovery from the pandemic alongside the ecb's monetary policy response. and it showed what we can achieve when fiscal and monetary policies work together. next generation eu has been a powerful tool for supporting the green and digital transitions, two transformative forces that are increasingly shaping the economic environment in which the ecb operates. without a successful energy transition, we will be exposed to the risk of more frequent inflation shocks. likewise, the digitalisation of payments and finance raises fundamental questions about the future of money. it creates opportunities for innovation, but also risks that we need to be alert to. without prejudice to its primary mandate, the ecb can do – and is doing – its part in ensuring that europe can navigate these challenges. the ecb has rightly taken steps to integrate climate change considerations into its monetary policy framework, its financial stability monitoring, and banking supervision. the ecb has also been at the forefront of the advanced economies when it comes to central bank digital currency. i have personally contributed to this endeavour as a member of the ecb's high - level task force on a digital euro. based on a legislative framework that is for you as co - legislator to define, a digital euro, if issued, would ensure our currency is fit for the digital age. alongside banknotes and coins, it would offer our fellow citizens a digital form of cash, i. e. a digital means of payment that is universally accepted throughout the euro area, that offers the highest protection of their privacy and that they can use free of charge, both online and offline. we also need to

of confidence in the stability - oriented macroeconomic policies of the euro area. conclusions summarising almost two years of experience with the euro, one might consider that it has started playing an international role in line with the economic and financial size of the euro area in a rather smooth manner. as i have highlighted today, developments in the international use of the euro are, of course, only gradual. nevertheless, looking ahead, one can expect the international role of the euro to develop further. an established track record of the eurosystem with reference to its primary objective of price stability and continuing integration of financial markets in the euro area will undoubtedly contribute to the further internationalisation of the euro.