. de haan ( 1990 ) : fighting the arch - enemy with mathematics. statistica neerlandica 44, 45 – 68. 3 article 127 of the treaty on the functioning of the european union. 4 article 3 of the treaty on the european union. 5 “ breaking the tragedy of the horizon – climate change and financial stability ”, speech given by mark carney, governor of the bank of england and chairman of the financial stability board, lloyd ’ s of london, 29 september 2015. 6 the maximum cumulated amount of carbon emissions consistent with holding the increase in the global average temperature to below 2°c. 7 oecd ( 2017 ) : investing in climate, investing in growth. www. oecd. org / environment / cc / g20 - climate / synthesis - investing - in - climate - investing - in - growth. pdf 8 eu 2030 climate and energy framework, ec. europa. eu / clima / policies / strategies / progress _ en 9 munich re ( 2018 ) : “ hurricanes cause record losses in 2017 – the year in figures ”. www. munichre. com / topics - online / en / 2018 / 01 / 2017 - year - in - figures # furtherinformation 10 geneva association ( 2014 ) : the global insurance protection gap : assessment and recommendations. 11 french treasury, banque de france and acpr ( 2017 ) : l ’ evaluation des risques lies au changement climatique dans le secteur bancaire, february. top - down assessment based on the nine sectors which display the highest level of co2 emissions. 12 de nederlandsche bank ( 2017 ) : waterproof? an exploration of climate - related risks for the dutch financial sector. 13 article 173 of the french energy transition act of 17 august 2015. 14 joint statement by the founding members of the central banks and supervisors network for greening the financial system, 12 december 2017. 15 new climate economy ( 2016 ) : the sustainable infrastructure imperative financing for better growth and development. newclimateeconomy. report / 2016 / wp - content / uploads / sites / 4 / 2014 / 08 / nce _ 2016report. pdf 16 www. climatebonds. net / files / reports / cbi - green - bonds - highlights - 2017. pdf 4 / 4 bis central bankers'speeches

better than anyone how long it would take to give birth to a single currency. nonetheless, these political premises call for vigilance, because they would lead to fragmentation rather than monetary diversification, but also because they resonate with other, more economic arguments. other, shorter - term forces are at work. the supply of safe global dollardenominated assets depends on the united states ’ fiscal capacity, while demand for these assets is set to grow. yet, the recurring us debt ceiling crisis - this year was particularly acute - may erode international investors'confidence in dollar - denominated assets, making triffin's dilemma more topical than ever. in addition, the fight against inflation in the united states has led the fed to rapidly raise its rates since 2022, which has potentially difficult consequences for the financial stability of the many countries that are de facto dependent on the us dollar. all these forces could lead to changes to some of the balances of the current international monetary system. admittedly, despite its gradual erosion from around 65 % in 2016 to 58 % in 2022, the weight of the dollar is likely to remain strong in the medium and long term. vii however, many currencies, including not only the euro but also the canadian and australian dollars, are already being increasingly used as reserve assets. a collective move towards a more multipolar international financial system therefore seems to be underway. however, a confrontational ( non - ) system, or disorderly fragmentation, would only lead to instability and inefficiency. viii in order to increase monetary confidence, we also need to preserve certain virtues of the current ims : stable, based on collective rules, market - oriented, and that offers widely accepted safe assets. page 4 sur 6 iii. the euro as a complementary asset for a more multilateral ims we europeans must be proactive and involved in what depends on us : the euro should play a greater international role. it is already the second most widely used currency in the world, but its current weight, around 20 % by most measures, ix does not reflect its potential. as an emblem of the qualities of the type of ims one would wish for, it is the currency of a jurisdiction with strong and stable democratic institutions, independent central banks, the rule of law and deep financial markets. it is supported by a soft power based on compliance with international rules, multilateralism and openness. the euro is also at the heart of vast international