3 ngfs and portfolio management that certainly does not mean that we at the bundesbank do not also have scope, within the constraints of our mandate, to help green the financial system. we are an active player in national and global bodies dedicated to forging a more sustainable financial system. sabine mauderer will use her speech later today to discuss our involvement in the network for greening the financial system ( ngfs ). furthermore, as a fiscal agent, we manage a host of public sector pension portfolios and have already helped multiple clients gear their investment policy to sustainability criteria. 3 / 4 bis central bankers'speeches 3 conclusion ladies and gentlemen, central banks will play a part in transitioning to a low - carbon economy. we can help make the financial system more sustainable yet must never lose sight of our core mandate. green finance can augment effective and smart climate policy, but it cannot replace it. it is, and always will be, a matter for democratically elected politicians to make the necessary transition a reality and to break the tragedy of the horizon. in closing, ladies and gentlemen, may i wish you a day rich with insightful and rewarding dialogue here at the palmengarten, frankfurt ’ s green haven. thank you for your attention. 1 b. taudte - repp ( 2012 ), der palmengarten – ein fuhrer durch frankfurts grune oase. 2 deutsche bundesbank, the market for sustainable financial investments : a stocktake, monthly report, october 2019. 3 carney, m., breaking the tragedy of the horizon – climate change and financial stability, speech at lloyd ’ s of london, 29 september 2015. 4 harding, g. ( 1968 ), the tragedy of the commons, in science, new series, vol. 162, no 3859, pp. 1243 – 1248. 5 www. theguardian. com / business / 2019 / oct / 15 / bank - of - england - boss - warns - global - finance - it - is - funding - climate - crisis 6 mercator research institute on global commons and climate change, so schnell tickt die co 7 european systemic risk board ( 2016 ), too late, too sudden : transition to a low - carbon economy and systemic risk, reports of the advisory scientific committee, no 6. 8 deutsche bundesbank / federal financial supervisory authority, 2019 lsi stress test results, slide 10. 9 eu high -

sabine mauderer : welcome note - euro finance week - 10th china day welcome note by dr sabine mauderer, vice - president of the deutsche bundesbank, at the euro finance week - 10th china day, frankfurt am main, 18 november 2024. * * * check against delivery ladies and gentlemen. i am delighted to be here today! i would like to underline the vital and close economic relationship between china and germany. in july, i was in china to visit my dear collegues from the people's bank of china. this did not only emphasize our close ties with our colleagues at the pboc. no, it was overall an enriching experience. the hospitality and professionalism i encountered were truly impressive. i was particularly struck by the speed and innovation capacity demonstrated by the chinese and international corporates i visited, both, in beijing and shanghai. international corporates often referred to china as their " training or fitness centre ". germany and china can look back on a long history of economic cooperation, marked by mutual respect and a shared commitment to the economic development of our countries. these close ties have contributed to growth, created jobs, and fostered innovation in both countries. last year, the trade volume between china and germany surpassed €250 billion. 1 naturally, in any relationship there are challenges that need to be addressed to ensure its continued success. i am strongly in favour of a rules - based approach that ensures a level playing field in international trade. for this, but also generally, close dialogue and open communication are more important than ever. this holds especially in times where our economies are facing multiple headwinds and the global political landscape is increasingly uncertain. in this context, allow me to emphasise today how important economic cooperation is for our shared future. as we all remember, we encountered hard times just a couple of years ago. hard – yet insightful. i am referring to the covid - 19 pandemic. 1 a brief look back at a fragmented world – supply chains in the covid era 1 / 4 bis - central bankers'speeches i would like to elaborate briefly on how the covid - 19 pandemic exposed both the vulnerabilities of an interconnected global economy and its strengths. global supply chains were severely hit, as production sites had to close and transportation and distribution across various industries came to a halt. these disruptions had strong adverse effects on the german economy, which relies on efficient and smooth global supply