jorg asmussen : interview in borsen - zeitung interview with mr jorg asmussen, member of the executive board of the european central bank, in borsen - zeitung, published on 12 september 2013. * * * the summer in the euro area was rather quiet this time – compared with previous years. after the ecb ’ s summer break, do you feel properly relaxed and fit for the next all - night crisis talks in brussels? i ’ ve been back at work since the second week of august. it ’ s almost a tradition at the ecb for german members of the executive board to take an early summer vacation and then hold the fort in august. so my vacation is already just a memory. but on a serious note : how hot will it get in the much forecasted “ hot autumn ”, with new discussions about greece, ireland, portugal and co.? “ hot autumn ” is an interesting term, but i think it ’ s overestimated. even if many people, for widely diverging reasons, think that the world will look different on 23 september – following the parliamentary elections – it is not true. the introduction of the eurobonds and the end of consolidation, etc. will not come about on 23 september either. instead, in this autumn too, we will have to gradually confront the existing difficulties. what is the most pressing topic? greece will certainly be at the top of the agenda again, with two urgent issues that will need to be resolved this autumn under the ongoing programme. first, it is set to run a budget deficit in 2015 and 2016 that will need to be corrected during the troika programme review at the end of september, because greece has introduced a medium - term fiscal strategy. second, the ongoing programme reveals a financing gap in the second half of 2014 on the part of the donor countries, which will also need to be closed to ensure the involvement of the international monetary fund ( imf ), because imf involvement requires a programme that is fully funded for 12 months in advance. is that the gap of around eur 4 billion up to eur 4. 5 billion? i ’ m always amazed at the kind of speculation heard about such figures. that figure was given by the minister of finance wolfgang schauble. the exact amount cannot be quantified at all yet, and i wouldn ’ t like to speculate. the level will for one depend on the extent to which greece will be able

frank elderson : finance and biodiversity day of 16th united nations conference on biological diversity ( cop16 ) - transcript of video recording contribution by mr frank elderson, member of the executive board of the european central bank and vice - chair of the supervisory board of the european central bank, at the 16th meeting of the conference of the parties to the convention on biological diversity – finance and biodiversity day, cali, 28 october 2024. * * * the global economy and finance need nature to survive. analysis by the ecb shows that the economy depends critically on nature : 72 % of non - financial businesses in the euro area – around 4. 2 million individual companies – would experience significant problems as a result of ecosystem degradation. these businesses rely on ecosystem services like fertile soils, timber and clean water. and 75 % of bank loans are tied to these businesses. so, if they run into trouble, the banks that finance them will too. this interdependence underscores why the ecb made nature one of the focus areas of its climate and nature plan for 2024 and 2025. it is also why we push banks under our supervision to manage all material nature - related risks. the ecb does not stand alone in recognising this threat. the value of nature for the economy is acknowledged by the global network of central banks and supervisors for greening the financial system, which has 141 members worldwide. additionally, a recent stocktake by the financial stability board showed that a growing number of policy authorities around the world are considering the potential implications of naturerelated risks for financial stability. in recognition of the vital importance of nature for the economy, international fora must ensure that nature considerations are fully integrated into regulation and supervision, alongside ongoing efforts to account for climate - related considerations. this starts with identifying exposures and vulnerabilities to nature - related risks. while central banks and supervisors are not nature policymakers, we must take nature into account to fulfil our mandate of price stability and safe and sound banks. otherwise, we risk failing to deliver on our mandate. my message on this finance and biodiversity day is clear : if you destroy nature, you destroy the economy. the right conditions must be established for nature – and consequently the economy – to thrive. the economy needs nature to survive. financial stability needs nature to survive. to deliver on our mandate, we need nature to survive. and the survival of nature requires financing. therefore, your success here in cali