joachim nagel : welcome address welcome address by dr joachim nagel, president of the deutsche bundesbank, at the opening of the parallel beginnings art exhibition, cambridge, massachusetts, 16 april 2024. * * * check against delivery 1 welcome ladies and gentlemen, thank you so much for inviting both – the bundesbank art collection and myself! it is a pleasure to see the lively exchange taking place between harvard university and the bundesbank. last year, benjamin friedman held a couple of exciting lectures at the bundesbank. as for me, i have had a few opportunities for spirited exchange here. and hans - helmut kotz, former member of the bundesbank's executive board, is serving as a steady bridge between the institutions, having been a visiting professor of economics at harvard university for 15 years. so far, it has been an exchange on economic issues. this is now to be complemented by an exchange around art : 21 works from the bundesbank's art collection will go on display here. they will establish a dialogue with works from the art collection of the center for european studies. for example, numerous works by ida kerkovius are on show. i am particularly impressed by the bright and contrasting colours of these pieces. you may have noticed them in the foyer. they will undoubtedly captivate a great many visitors. i find it remarkable that a german artist like ida kerkovius is represented in the collection of the center for european studies. that's thanks to guido goldman, cofounding director of the center for european studies and the driving force behind its art collection. in guido goldman's biography, he was dubbed " america's mr germany ". he was particularly committed to advancing relations between the united states and germany. together with willy brandt, the german chancellor, he founded the think tank german marshall fund at the start of the 1970s. it sought to promote political and social relations between the united states and germany. given guido goldman's particular interest in germany, it is not surprising that german artists such as bernard schultze and ida kerkovius are so prominently represented in the art collection of the center for european studies. works by these two artists were also among the first acquisitions for the bundesbank's collection. this provided a wonderful basis for our joint art project entitled " parallel beginnings ". but what do you need to know about the bundesbank's art collection? 2 the bundesbank '

##2 for instance, a wholesale payment system operated by deutsche bundesbank, banca d ’ italia and banque de france. more than 1, 000 banks all over europe are directly connected. the service ensures the speedy and final settlement of national and crossborder payments in central bank money. each working day, an average of around 350, 000 payments with a value of about 1. 7 trillion euro – which equals half the german gdp last year – are processed by the system. target2 is just one example for critical financial market infrastructure for which bundesbank is in charge. others include target2 securities, a service for the settlement of securities in central bank money. or think of our monetary policy operations, which provide the banking system with liquidity. a proper functioning of these services is crucial for the stability for our financial system. 1 / 7 bis central bankers'speeches but how does the bundesbank interpret the term “ cybersecurity "? at the bundesbank, we refer to cybersecurity when our focus is on protection against cybercrime and the associated risks. we define cybercrime in the following ways. there is a deliberately targeted and it - based attack on data and it systems which can viably impair confidentiality, integrity, or availability. additionally, the unauthorised use of internet capabilities to spread information very quickly, in large volumes, and on a broad scale. finally, we understand cybercrime to include the procurement of personal information through social engineering. in these ways, the attackers usually gain either broad reach or access to a specific target. to what extent has the bundesbank been hit by attacks? cyberattacks also pose a risk to the infrastructures and applications of european central banks, which is not to be underestimated. there are four reasons why central banks, in particular, are a lucrative target for cyber espionage and cyberattacks. 1. because of their economic and policy mandate, 2. because, as a result, information is available to them at an early stage, 3. because of their responsibility for cash - based and cashless payment systems, and 4. because of their prominent role in their country ’ s financial system. last year, the bundesbank was also the target of isolated distributed denial - of - service attacks. these involve known systems being overloaded by a flood of requests and thus brought to a standstill. the bundesbank has used its protective measures to successfully