##inablabla ), tweeted on 10 january 2015 at 3 : 49 a. m. 2 report by the standing conference of the ministers of education and cultural affairs dated 19 october 2001 in the version dated 27 june 2008. 3 see ing - diba online opinion poll, run by ipsos in august 2017, persons surveyed : financial decision makers aged 18 and over. international n = 12, 708, germany n = 1, 010. cited inter alia in the borsen - zeitung on 26 october 2017 : “ deutsche sehnen sich nach finanzbildung ”. 4 see wobker, i., p. kenning, m. lehmann - waffenschmidt & g. gigerenzer ( 2014 ). what do consumers know about the economy? journal fur verbraucherschutz und lebensmittelsicherheit, 9 ( 3 ), pp. 231 242. 5 see ing - diba online opinion poll, run by ipsos in august 2017, persons surveyed : financial decision makers aged 18 and over. international n = 12, 708, germany n = 1, 010. cited inter alia in the borsen - zeitung on 26 october 2017 : “ deutsche sehnen sich nach finanzbildung ”. 6 see die welt dated 16 january 2001, interview with oliver kahn, “ joschka fischer sollte ein beispiel sein ”. 7 see new york times of 9 october 2017, interview with richard thaler, “ nobel in economics is awarded to richard thaler ”, available online ( 31 october 2017 ) at : www. nytimes. com / 2017 / 10 / 09 / business / nobeleconomics - richard - thaler. html. 8 see deutsche bundesbank, “ sharing central bank knowledge " – the deutsche bundesbank ’ s economic education activities, annual report 2016, pp. 33 – 42. digital version available online ( 31 october 2017 ) a t : www. bundesbank. de / redaktion / en / downloads / publications / annual _ report / 2016 _ annual _ report. pdf? _ _ blob = publicationfile # page = 33. 9 the result is a unique venue that makes learning an experience and where young and old can discover a great deal about money and monetary policy in a relaxed and entertaining manner. digital version available online ( 31

, we can see a strong dispersion of npl ratios across countries. the highest npl ratios are present in those member states that were hit hardest by the economic crisis that followed the financial crisis after 2007. the high stock of npls ties up operational capacity of the affected banks, it involves legal as well as administrative costs, and it weighs on the capacity of those banks to extend new loans to realise profits and to support economic recovery. 4. how to cope ladies and gentleman, the financial world is clearly confronted with significant change and uncertainty. and many in the financial world perceive this to be a change for the worse. there are no easy solutions. the brexit negotiations will take time and uncertainty will be with us just as long. turning back regulatory achievements to provide relief from a perceived burden is not an option. as for the challenges posed by digitalisation, sticking to business as usual will not suffice. the same is true for the low - interest - rate environment : hoping for relief from a change in monetary policy won ’ t be enough. clearly, banks need to adapt, and indeed they have already begun. any long - term strategy for profitable banking needs to be built on its value added for customers, business partners and society. in times like these, supervisors need to be especially vigilant in monitoring financial institutions and ensuring that they do not take on excessive risks. what supervisors will not do is attempt to be management consultants for banks. difficult though the times may be, and however numerous and complex the problems may seem, it ’ s important to keep a clear mind and a steady hand. having a holistic and encompassing understanding of the current challenges does not mean that there are broad encompassing solutions available. we will succeed only if we refrain from falling for sweeping answers that promise to solve all the issues at once. that ’ s why it ’ s so important to have institutes like the iepe that enable us to get together and thoroughly discuss both the 4 / 5 bis central bankers'speeches challenges and the strategies needed to overcome them. and i am looking forward to having this conversation with you now. if we approach and tackle our current problems one by one, we will see that any change is manageable – both in the financial and in the real world. thank you for your attention. 5 / 5 bis central bankers'speeches