”, beyond the data, climate. gov, 10 january. 4. elderson, f. ( 2022 ), “ the european climate law and the european central bank ”, keynote speech at the lustrum symposium organised by the dutch financial law association, 1 december. 5. ecb ( 2020 ), guide on climate - related and environmental risks – supervisory expectations relating to risk management and disclosure, november. 6. ecb ( 2022 ), walking the talk - banks gearing up to manage risks from climate change and environmental degradation, november. 7. see for example brunetti, c. et al. ( 2021 ), “ climate change and financial stability ”, feds notes, board of governors of the federal reserve system, 19 march. 8. schnabel, i. ( 2023 ), “ monetary policy tightening and the green transition ”, speech at the international symposium on central bank independence organised by sveriges riksbank, 10 january. 9. elderson, f. and i. schnabel ( 2023 ), “ how green is our balance sheet? ” ecb blog post, 24 march.

europe. there are many facets to this challenge, as the broad and ambitious agenda for this conference shows. i look forward to the discussions. 1 human capital, knowledge in databases, organisational capital and brands are examples of assets not covered in the national accounts. see also european central bank ( 2018 ), “ investment in intangible assets in the euro area ”, economic bulletin, issue 7, november ; and european commission ( 2017 ), “ unlocking investment in intangible assets in europe ”, quarterly report on the euro area, vol. 16, no 1, pp. 23 – 35. however, in ahmad, n., ribarsky, j. and reinsdorf, m. ( 2017 ), “ can potential mismeasurement of the digital economy explain the post - crisis slowdown in gdp and productivity growth? ”, statistics working papers, oecd, the authors conclude that, while mismeasurement may occur, its magnitude cannot alone explain the slowdown in measured gdp growth or multi - factor productivity growth after the crisis. 2 see the box entitled “ the role of digitalisation in shaping developments in potential output and the output gap in the euro area ”, in european central bank ( 2018 ), “ potential output in the post - crisis period ”, economic bulletin, issue 7, november. 3 see european central bank ( 2018 ), “ digitalisation and its impact on the economy : insights from a survey of large companies ”, economic bulletin, issue 7, november. 4 see the box entitled “ the role of digitalisation in shaping developments in potential output and the output gap in the euro area ”, in european central bank ( 2018 ), “ potential output in the post - crisis period ”, economic bulletin, issue 7, november. 5 see gamberoni, e., giordano, c. and lopez - garcia, p. ( 2016 ), “ capital and labour ( mis ) allocation in the euro - area : some stylized facts and possible determinants ”, working paper series, no 1981, ecb, november. 6 see international monetary fund ( 2018 ), “ capitalizing on knowledge - based capital ”, euro area policies – staff report for the 2018 article iv consultation with member countries, june, p. 18. 7 there is substantial uncertainty surrounding estimates of the net impact of new technologies on employment. for instance, the world economic forum article on “ understanding the impact of digitalization on society