of our supervisory expectations on c & e risks by the end of 2024 at the latest. with respect to our monetary policy, the ecb is currently fully on track implementing the climate action plan that we committed to when we introduced our new monetary policy strategy in the summer of last year. to give you a concrete example, last week we announced the details of how we intend to gradually decarbonise our corporate bond holdings, starting on next monday, in line with the goals of the paris agreement. at the same time, it is important to remember that our climate action plan is not an aim in itself but rather a means for us to deliver on our mandate. that ’ s why the governing council announced in july that it would regularly review the measures proposed in its action plan to assess whether they are still fit for purpose, and continue to support the decarbonisation path towards reaching the goals under the paris agreement, as well as the eu climate neutrality objectives. and not only this. something that is clearly relevant for us and this conference is that we will adapt these measures if necessary to address other environmental risks within our mandate. expressing a readiness to look beyond climate - related risks and address environmental risks is an important initial step that i invite all relevant stakeholders to take. that applies to central banks, supervisors, regulators and international standard setting bodies. even if the current focus of the ongoing work is still on climate - related risks, our ever - evolving understanding of the materiality of environmental risks and their transmission channels implies that these risks ultimately need to be taken into consideration in everything we do. let me conclude. for the first time in 75 years the artis groote museum – where this conference is held – reopened its doors this spring. the theme of the museum is that everything is connected : plants, animals, microbes and human beings, all in a precious but delicate harmony. economics and finance are no different. taken together, households, firms, governments and financial institutions form a similarly precious – and at times delicate – equilibrium. our analysis, assessment and policy actions should reflect the fact that nature and the economy are equally interconnected and interdependent. in line with a central theme of the landmark dasgupta review on the economics of biodiversity that “ humanity is embedded in nature ”. back to “ natura artis magistra ”. nature isn ’ t just the teacher of the arts, it is also the teacher of finance. one may be inclined to paraph

am aware, no other central bank regularly communicates with the public in such a prompt and open manner immediately after its monetary policy meetings. we are convinced that this contributes to transparency and thus gives important and clear guidance. these press conferences are a tangible expression of the eurosystem ’ s commitment to being open, transparent and accountable in its conduct of monetary policy. obviously, journalists, financial markets and the public are still learning about the new monetary policy strategy in the euro area and, over time, the eurosystem will further improve its communication. in this respect, it has also been argued that we do not release sufficient information about our analysis. more specifically criticism has been expressed to the effect that the eurosystem is currently not publishing its inflation forecasts. may i remind you, therefore, that the inflation forecast is not a key element of our strategy? an inflation forecast is just one of the many pieces of information which we use. its importance should not be exaggerated. our quantitative definition of price stability is not an inflation target in the same way as those of other central banks, nor are we targeting an inflation forecast. in our view, a single forecast is not a sufficient statistic given the complexity of economic relationships and the existing uncertainties about the future. we are living in a complex environment in which policy decisions cannot be simply related to a few or even one information variable. there is also the risk that we are chasing our own tail. in fact, our monetary policy always aims to respect the definition of price stability. the advantage of publishing a forecast would be that it would make one more piece of information, which plays a role in the decision - making process, transparent. that being said, the governing council will have to reconsider the issue once our macroeconometric models are deemed to be sufficiently reliable. this may still take some time. let me now conclude by saying that i am happy to contribute to a project of such historical dimension and so are my colleagues in the ecb and those at the ncbs belonging to the eurosystem. monetary union has had a successful start and the monetary policy strategy of the eurosystem, on the basis of which the governing council has taken and will continue to take its monetary policy decisions, has contributed to this success. at the same time, we should recognise the fact that monetary policy alone cannot tackle all of the economic challenges facing the euro area. in particular, it cannot reduce the euro area ’ s unacceptably high