short, you are bringing with you the skills needed at the helm of the bundesbank. you are, without doubt, the right person to take on the challenges facing the president of the bundesbank. i wish you and the bundesbank all the very best! thank you very much for your attention. 1 weidmann, j., ansprache zur offiziellen einfuhrung in das amt des bundesbankprasidenten, speech of 2 may 2011. 2 weidmann, j., crises as a catalyst for change – lessons from the past, challenges for the future, speech delivered on 19 november 2021. 3 schlesinger, h., eine europaische wahrung muß genauso stabil sein wie die d - mark, handelsblatt, 31 december 1991. 4 issing, o., central banks – independent or almighty?, safe policy letter no 92, november 2021. 4 / 5 bis central bankers'speeches 5 barro, r. j., a matter of demeanor, wall street journal, 20 may 1994. 5 / 5 bis central bankers'speeches

looking must be innovative and implement reform. direction, enthusiasm and reform : these are the kind of prospects that can drive the eu and the euro area forward. that is why it is important for us to meet here to discuss them. and not a moment too soon. after all, we have been through some turbulent times. think of brexit – a “ wake - up call ” to european policymakers ; a shock to all of us who believe that supranational cooperation creates added value for policy, the economy and society. euro - sceptic feeling prevailed here. afterwards, something like a countermovement took place, with proeuropean forces retaining the upper hand – for instance in the elections in france, the netherlands and most recently in germany. there is currently momentum to undertake reforms, particularly since the french elections. we should harness this momentum, and we are all involved in doing so in our various roles. the bundesbank is playing its part in this debate by putting forward technical proposals for the euro area. 1 / 7 bis central bankers'speeches i would very much like to see this window of opportunity used to make reforms to the euro area that directly address the core problems brought to light by the crises. this is in monetary policymakers ’ interests, too. let me now take a closer look at three issues. first, the monetary policy challenges we are facing. how did the ecb governing council act during the financial and sovereign debt crisis and what decisions still need to be made? second, the reform proposals for the economic and monetary union. how can we do our utmost to prevent future crises from happening? and third, the position of the eu following brexit – involving a kind of “ european digital financial centre ". 2. monetary policy challenges for the eu, and particularly for the euro area, crises have almost become par for the course over the last few years. the crises have also posed new challenges to the eurosystem ’ s core business area – monetary policy. as a bundesbanker, i would like to say a few words about monetary policy during the crises and the decisions that are about to be made. the ecb governing council took a number of non - standard monetary policy measures as a targeted response to the global financial crisis and the euro area sovereign debt crisis. later on, monetary policy was loosened further because the majority of the ecb governing council saw a risk of deflation – a dangerous downward spiral of sinking prices