for the eu. integration with the appropriate regulatory safeguards and cooperation, will increase european businesses'access to international capital and further boost european growth. international influence and co - operation is critical to well integrated financial markets. particularly in an increasingly complex, challenging and uncertain environment. but first, it is important to recognise that continued change to eu capital markets is required. ensuring well - functioning european capital markets is key to unlocking the 1 / 5 bis - central bankers'speeches european private capital necessary to fund europe's major investment needs. it is positive that the eurogroup of finance ministers has prioritised this issue and is currently undertaking an initiative to agree priorities for enhancing and deepening europe's capital and financial markets. the eurogroup is aiming to identify areas of political consensus for the next european commission to take forward, while at the same time adopting a more bottom - up approach and facilitating exchanges of best practices. this work is taking place in'inclusive format'meaning that all eu 27 finance ministers are participating. other policy makers, including central banks and securities regulators, also have a key role to play in this regard. both in terms of identifying and addressing impediments which hamper eu capital markets but also in terms of building and maintaining an effective regulatory and supervisory framework which supports confidence in the functioning of the financial system and markets. notwithstanding sustained progress since the commission's first cmu action plan in 2015, much more remains to be done to address market fragmentation, a lack of retail participation and an overreliance on bank funding in europe. 1 for that reason, change, for all of us, will remain a constant over the coming years. one particular area of change i would like to focus on today is that of private finance. the span of the term'private finance'is necessarily broad and intended to capture activities relating to capital raising and lending, generally to corporates, by the non - bank investors. and while public markets will continue to be the core driver of cmu activity, private finance has an important role to play. private finance globally is going through a period of rapid growth, with assets under management ( aum ) reaching approximately $ 12. 8 trillion us dollars in june 2022, up from $ 3. 5 trillion in 2012. 2 however, in europe, while european private equity and early - stage equity financing have grown in recent years, the euro area continues to lag behind international peers. the ecb's second edition of their biennial

the ongoing work on the key role biodiversity plays in our economy is important in this regard. but we also need to realise that the status quo is not sustainable – and so big changes are required to our economy and our lives. st. brigid as a symbol for renewal of the land can again be an inspiration for us here. conclusion to conclude, it is more than 1, 500 years since brigid founded and headed a double monastery for men and women ; but it is little over a 100 years since women in ireland have had the equal right to vote. in the intervening years, progress on equality was not linear, and it was not smooth. but then when i think about this progress, the words of eavan boland spring to mind, in her poem " our future will become the past of other women ". 4 / 6 bis - central bankers'speeches boland writes of the suffragettes, and how " in the shadow of their past, they vote [ d ] in the light of what will be ", aptly capturing in this instance the torch of progress, being passed – being shone. and thinking of brigid's legacy, i wonder if she ever thought that that future she forged would become the past of other women, just like the suffragettes, just like the women who are breaking through the ceilings of today. as we think of the torch of progress, it is apt that brigid is represented on our coin today holding a torch – a flame. st. brigid's flame burns in this very building – as a beacon of hope, justice and peace for the world. given all of the challenges which we face, it is a symbol which is still very much needed today. finally, before i finish, i want to thank some of the people who've helped to organise this afternoon's event. i want to recognise the central bank's currency centre team for the fantastic work they do each year on the collector coin series ; our team that produced the coin and mary gregoriy for her beautiful design. i would like to acknowledge the ongoing work of the numismatic advisory panel who support the bank's collector coin programme. and finally, on behalf of the central bank, i'd like to again thank everybody here at the solas bhride centre for your hospitality and for hosting us today. it is a great honour to be with you all to celebrate this special occasion in kildare. go raibh mile maith agaibh