jeopardise the country's euro membership. this is roughly the scenario that played out in greece. so both options — a permanent fund as well as debt restructuring — have their own, serious impediments. as long as the issue of divergent growth is not resolved, the strongest shoulders in the european caravan will from time to time have to bear a heavier load to ensure no - one gets left behind. this will require a great deal of serious thinking in the years ahead. all in all, i believe the agenda i have outlined would put us on the way to a stronger currency union. with european governments investing in sustainable growth, both individually and working together. through more closely aligned economic policy. alignment implies reciprocity, and a fair division of rights and responsibilities. for us, here in the netherlands, it would mean having to relinquish a degree of our national autonomy. i realise that is a difficult step to take. no country is prepared to give up part of its sovereignty lightly. it takes courage. and what will we get in return? the prospect of a more stable and prosperous monetary union, in which all countries equally share the costs and benefits. where there is a positive balance of these costs and benefits in all countries. so the atmosphere is untainted by the question of who should bear the heaviest burden. creating a stronger feeling of goodwill in europe and for europe, which will make it easier to tackle together the great challenges before us today. in short, well - understood self - interest. some people will say : even closer european integration? now, of all times? there's no public support for that, is there? to those people i say this. we could also choose not to work towards further european integration and more risk - sharing. that's also an option, certainly. but there is a price to pay for that option. the price involves increasing economic inequality between the euro countries, more debt crises, more emergency support and lower levels of prosperity. it would make the euro unsustainable. and i fear that in a globalised economy, this price would ultimately be paid, again, by ordinary people. the people with whom the eponym of this lecture was so concerned. there are people who say becoming a bit worse off is a small price to pay for greater freedom. to take back control. but is that how it really works? how much of a sovereign nation were we before the euro? when we

transition to a green and low - carbon economy. https : / / www. ipcc. ch / sr15 / m. nachmany & j. setzer, ‘ global trends in climate change legislation and litigation : 2018ssnapshot ’, grantham research institute report, may 2018, p. 5. the work of the european committee on disclosure requirements is also something we encourage as a financial supervisor. it contributes to more insight into - and transparency about - climate - related risks and exposures of financial companies under supervision. the network of central banks and regulators for greening the financial system, the ngfs - of which by the way our hosts, the banco de espana where among the first members - the network is growing and growing. it is now almost easier to name the central banks who haven ’ t yet joined, than to give you a full list of all central banks and regulators who share our concerns. i stand here also in my capacity as chair of this network. the network that in its first publication stated that climate change is a driver of financial risk. the network that stated : taking the consequences of climate change seriously, falls squarely within our mandates as central banks and supervisors. the network that called for action by setting six recommendations to manage risks and scale up green finance. these six recommendations were published in an ngfs report earlier this year, and are already seeing follow - up. next year, we expect to come up with at least three new publications, with which we facilitate the financial sector to assist in reaching the objectives of the paris agreement. one about transition scenarios and guidelines for scenario - based climate risk analysis. and a publication on current environmental risk assessments methodologies. and a guide on integrating climate & environmental risk into supervision. and while exchanging experiences and ideas, the fifty - four ngfs members are also looking closer into risk differentials between green and brown assets, and the market dynamics around green finance. the climate crisis needs to be fought on many fronts. many actors have a vital role to play. governments, private firms, ngos, scientists, consumers, the press... and of course, also the financial sector has a vital role to play : banks, insurance companies, pension funds, investment funds, credit rating agencies. and, and this is why i stand here : also central banks and supervisors have a vital role to play. the good news is, that a growing number of us realises this, and acts upon it. all 54 members of