##il its mandate, but sets also some limits. germany as the fourth largest shareholder and the bundesbank value the imf as a very important international financial institution. we will continue our attentiveness to imf policy and close cooperation. the bundesbank provides the subscription payments for germany ’ s quota increases, participates in the so - called “ new arrangements to borrow ” process and the financial transaction plan and stands ready for special drawing rights exchanges in the context of the voluntary trading arrangements. bis central bankers ’ speeches moreover, the bundesbank provided – under very specific circumstances – a very significant, temporary bilateral credit line in 2012, and prolonged it twice to its maximum maturity in november 2016. the bundesbank continues to stand ready to cooperate with the fund as needed and appropriate, in the context of a fair global burden sharing that involves all major shareholders. at this stage, we see the imf to be well equipped with resources. however, when the fund demonstrates a clear need for additional resources to pursue its mandate, the bundesbank will remain open minded for contributions. as indicated, the term in office of mr temmeyer has covered many interesting and challenging topics, and i would like to thank mr temmeyer for his dedication and excellent work. he will return to germany as the president of a regional office of the deutsche bundesbank in leipzig, which leaves me to say : “ welcome home ”. most of the issues mentioned fell also in the term of office of dr steffen meyer who served as alternate executive director since june 2011. it is my pleasure to welcome mr meyer as the new executive director for germany. his strong experience in the fund and before in the ministry of finance dealing with imf issues allows us to “ change horses at full speed ” at the helm of the german executive directors office. it is also my pleasure to welcome mr klaus merk as the new alternate executive director for germany. mr merk has lastly served as the head of the representative office of the bundesbank in tokyo and has used the last five months to familiarize himself more closely with imf matters. mr meyer, mr merk, let me wish both of you all the best and good luck for this quite challenging and responsible position. i look forward to a close and trusting cooperation. thank you for your attention. bis central bankers ’ speeches

from a home country perspective : first, how does each central bank ensure an adequate supply of cash to the economy? second, how important do central banks assess cash as being for the domestic economy? third, what role could cash carve out for itself in the digital era? what is striking here is that many of these countries have undergone similar developments and are facing comparable challenges with respect to their cash cycle. however, differences and national particularities are also visible in the book – not least across continents and cultures. what all g20 central banks have in common are the new challenges they will face as payments go increasingly digital. but each country's cash cycle is different, meaning that the question as to the future of money requires individual and country - specific responses. particular attention is devoted to this forward - looking perspective in the book's third part. through the interdisciplinary lens of economics, philosophy, sociology and psychology, thoughts on the role of cash as well as the money of tomorrow are raised and discussed in depth. one strong focus here is on the importance of digital forms of money, up to and including central bank digital currency. 4 conclusion ladies and gentlemen, 3 / 4 bis - central bankers'speeches in marking the 20th anniversary of the introduction of euro banknotes and coins, we wanted to take the opportunity not only to look back but also to cast our eyes to the future. this forward - looking perspective runs through the book like a common thread. who in the future can tell us what money is? of course, no definitive answers can be given in the midst of a process of economic and also potentially societal transition, triggered not least by the pandemic. be that as it may, one lesson from history contained in the book is that the basic idea of money endures : money needs to be readily available, generally accepted and, above all, stable in value. this is more important than ever in the current environment. money is based on trust. that is what underpins our money economy today and will do so tomorrow as well. thank you. 1 the book " the euro at 20 – the future of our money ", edited by johannes beermann, is published by penguin and available in bookshops now ( isbn 978 - 3328602743 ). 2 see https : / / www. frbsf. org / wp - content / uploads / sites / 7 / 2022 - findings - from - the - diary - of - consumer - payment