speech klaas knot - working on progress. on public and private risk sharing in the emu 27 september 2022 algemeen “ we have thirty years of experience to learn from. thirty years of crises and successes, of design flaws and great innovation, of opportunities for reform that we have missed, and opportunities for prosperity gains that we have seized. ” this is what klaas knot said on the thirtieth birthday of the maastricht treaty. in his speech, he stressed that the economic and monetary union is a work - in - progress, but also that we need to keep working on that progress, and that “ whatever way you look at it, going forward means, at least partly, increasing risk sharing. and i mean crossborder risk sharing. this means using the strength in our numbers to absorb possible shocks. ” " in a sense, the fall of the berlin wall led to the rise of the economic and monetary union. " klaas knot president, de nederlandsche bank datum : 27 september 2022 spreker : klaas knot locatie : “ euro at 20 : shifting paradigms? ”, maastricht hello everyone. and happy birthday! happy thirtieth birthday to the maastricht treaty. what better place to celebrate this birthday than here – in the statenzaal – the very room where the maastricht treaty was signed. i remember this historic event vividly. just like i vividly remember what happened only a few years before : the fall of the berlin wall. in a sense, the fall of the berlin wall led to the rise of the economic and monetary union. because after 1989, germany once again wished to become a unified nation. but other european nations, principally the french, were hesitant. a unified germany would de facto set the economic and monetary tone for a lot of other european countries. and so those countries were keen to ensure that a reunified germany would remain embedded in a countries were keen to ensure that a reunified germany would remain embedded in a united europe. that is why discussions on the economic and monetary union gained momentum – eventually leading to the deal between mitterrand and kohl : unification for you – the euro for us. and for the past twenty years, the euro has been the very bedrock of our single market. the absence of exchange rates has been an impressive impetus for prosperity – in the entire euro area. being a

within europe. nonetheless, plenty of room for improvement remains. authorities need wider powers to acquire or relaunch flailing institutions. supervision should be tightened too, to ensure that a closer watch is kept on the strategy and corporate culture of supervised institutions, but also that more account is taken of the macro - environment in which financial institutions operate. let me conclude. people are understandably disappointed that, nationally and internationally, the supervising central banks were unable to protect financial institutions from the storm in the financial markets that blew up in august 2007. the recognition that the world is less formable than commonly thought, and that supervision can provide no guarantee that a bank will never fail, cannot allay this disappointment ; nor can the notion that we were not dealing with a typically dutch phenomenon, but that there were banks all over the world that collapsed in the wake of the credit crisis. our response at dnb can only be that we will in future intensify our efforts to prevent misfortunes in the financial sector. and that, along with our colleagues in other countries, we will to this end do all that is humanly possible to draw every last lesson from the credit crisis.