but not arbitrarily ) by including some elements of direct inflation targeting. the multitude of additional information could be compressed in this sense into a formal inflation forecast. personalities the ecb statute does not seek to establish a currency standard excluding all and any room for discretionary manoeuvre. consequently, a role will be played by the personalities responsible for formulating and implementing monetary policy. that applies especially to an institution which is completely new. public controversies about the filling of top posts damage credibility. monetary union will not be additionally bolstered by a political union. the leading personalities will therefore be associated almost inevitably with their respective national states, yet in the end they are to execute a common policy, namely a single european monetary policy, and to withstand political pressure. the same applies, by the way, to the governors of the national central banks. misgivings are therefore called for if, for example, there are intentions to introduce accountability towards the national parliament. iv conclusion the maastricht treaty has largely laid the foundations for a stability - oriented monetary policy as far as the institutional arrangements are concerned. those foundations need to be complemented by an appropriate strategy and a convincing decision regarding the choice of the leading personalities. the launching of a new central bank and a new currency is accompanied by uncertainty. the associated risk premium in the interest rate can be kept down by choosing an appropriate strategy and suitable top executives. the financial markets will keep a critical eye on the ecb right from the start. the initial monetary policy course thus takes on crucial importance. some people are therefore already advising the ecb to pursue a particularly restrictive course right from the outset so as to nip any mistrust in the bud, as it were. such an uncompromising approach would inevitably give rise to tensions within the council. it is also hard to imagine that the ecb would meet with general approval for such a course among the people of europe, given the high level of unemployment. at the moment we do not even know whether there is a stable european consensus on the acceptable or optimal rate of inflation. the trend towards the convergence of inflation rates at a low level is a good omen. in a monetary union without a flanking political union, we shall simply have to wait and see whether this convergence of preferences will prove to be a lasting phenomenon. the consensus regarding the preference for stable money - the common “ stability culture ” - is all the more important as monetary union will have to survive for the fore

that the risks associated with climate change and its impacts are becoming increasingly relevant and will keep us closely engaged in the coming years. therefore, this is an excellent forum to share experiences and to think about a common way forward on issues relating to climate change. our last topic today revolved around a changing clearing landscape. in europe, in particular, brexit marked the end of a turbulent year, which will bring changes to the clearing landscape. already, we can observe shifts in trading and clearing volumes across the globe. regulation is also playing its part in bringing about changes in clearing : for example, at the end of january 2021, the european commission approved an equivalence decision for us ccps. this regulation confirms the equivalence of the us regulatory framework for ccps supervised by the securities and exchange commission. in granting equivalence to us clearing houses, the eu has opened the door to more competition in european business. and market players should be aware that the commission ’ s equivalence decision towards uk ccps is due to expire next year. the challenges we have faced in the past and those we are currently facing also have positive aspects for the clearing landscape. in a way, they accelerate the pace of innovation. ccps are expected to increase their investment in technology and thus improve their infrastructures. ccps need to make their systems more resilient through more innovation, for example, higher levels of automation and innovative clearing products. from my perspective, it is essential to question and to rethink existing processes. in a world that is becoming more and more digitised, technological advancement will be the key success factor. for this reason, ccps must constantly evolve in order to remain competitive, while at the same time increasing their cyber resilience and managing it constraints. 3 farewell ladies and gentlemen, colleagues, thank you again for your participation in today ’ s conference and your essential contribution to the success of this event : i am convinced that the objectives of today ’ s conference have clearly been met. 2 / 3 bis central bankers'speeches with all the challenges we face, we should appreciate that these issues also offer an opportunity. this conference is therefore an important forum for constructive exchange, allowing us to discuss key future topics together at an early stage, and thus anticipate today how we can benefit from the changes in the future. from my perspective, this conference has demonstrated impressively what joint forces can achieve. therefore, i would like to express my gratitude to our co - organisers, our kind host