growth and contribute to reaching the eu ’ s objectives in the areas of climate change and digitalisation. we also need ambitious eu policies to make sure that bond and equity markets complement bank lending and public resources in financing a sustainable recovery. progress in the area of sustainable finance, for instance, is pivotal to accelerate the transition towards a low - carbon economy. efforts to deepen the single market, notably its digital dimension and in the services sector, would provide additional support to the recovery. as co - legislator, the european parliament has a crucial role to play in advancing europe ’ s green and digital agendas. the ecb is ready to play its part on these two fronts, as you request in your resolution. central banks are not responsible for climate policy and the most important tools that are needed lie outside of our mandate. but we cannot simply ignore climate change just because we are not in the driving seat. climate change has macroeconomic and financial implications and consequences for our primary objective of price stability and our other areas of competence. 4 we will contribute to fighting climate change in line with our mandate. we have already started this process and we will continue to do more. we hold green bonds amounting to 3. 5 % of our own funds portfolio and we plan to increase this share over the coming years. 5 since the start of this year, bonds with coupon structures linked to certain sustainability performance targets have been eligible as collateral for eurosystem credit operations and for outright purchases for monetary policy purposes. within the eurosystem, we have also agreed on common principles for sustainable and responsible investment that we will apply when managing our eurodenominated non - monetary policy portfolios. we aim to start making annual climate - related disclosures for these types of portfolios within the next two years. 6 and in the context of our strategy review, we will discuss whether sustainability considerations could be reflected in our monetary policy operations. on the digital front, the increased use of digital technologies is changing all aspects of our lives, including how we pay. this is where our preparatory work on a digital euro comes in. i am pleased that your resolution welcomes our work in this area – public support for this project is crucial. as representatives of european citizens, you have a fundamental role to play here. our public consultation drew over 8, 000 responses from individuals, firms and industry associations. 7 we will present you with a comprehensive analysis of these responses in the spring. this analysis will provide important input for the governing

2022 ), " inflation diagnostics ", the ecb blog, 22 november and lane, p. r. ( 2023 ), " underlying inflation ", lecture at trinity college dublin, 3 march, as well as references therein. 2 for extensive reviews of the transmission of our monetary policy, see lane, p. r., ( 2023 ) " the banking channel of monetary policy tightening in the euro area ", remarks at the nber summer institute 2023 macro, money and financial frictions workshop, 12 july, lane, p. r. ( 2023 ), " monetary policy tightening and the financing of firms ", keynote address at the enterprise ireland summit 2023, 19 april, and lane, p. r. ( 2023 ), " the euro area hiking cycle : an interim assessment ", dow lecture at the national institute of economic and social research, 16 february. see also the box entitled " a model - based assessment of the macroeconomic impact of the ecb's monetary policy tightening since december 2021 ", economic bulletin, issue 3, ecb, 2023. 3 for extensive discussion of underlying inflation measures, see the box entitled " underlying inflation measures : an analytical guide for the euro area ", economic bulletin, issue 5, ecb, 2023. 6 / 6 bis - central bankers'speeches