at the same time, inflation expectations have remained well anchored, and we see little or no wage impact from inflation expectations. ladies and gentlemen, this brings me to the end of my opening remarks. uncertainties and the exceptional price dynamics have challenged our policymaking in the past few years. the silver lining is that we have gained a lot of understanding about the appropriate policy responses in these circumstances. this understanding should be pooled and deepened in the upcoming ecb strategy review. for me, the experiences of recent years have, above all, highlighted the crucial role of inflation expectations in the making of monetary policy. likewise, they have underscored the importance of a firm commitment to a medium - term inflation target in line with our strategy. going forward, the monetary policy strategy should be designed in a way that is robust in the face of uncertainty about the future state of the world. it should be flexible enough to work well in different environments and react to new and unknown shocks. thus, while we have made major advances in the science of economics relevant for monetary policy, there still is room for judgement ; that is, for the art of monetary policy. last but not least, let me wish you an enjoyable and analytically rewarding conference! thank you. list of links in the text ibernanke and blanchard 2024 : an analysis of postpandemic inflation in 11 economies. piie working paper 24 - 11 ii see e. g. claus brand, noemie lisack and falk mazelis ( 2024 ),'estimates of the natural interest rate for the euro area : an update ', ecb bulletin 1 / 2024. 5 / 5 bis - central bankers'speeches

g. the ecb were crucial in rapidly restoring confidence in the money markets and in the financial system. looking ahead, the outlook for continued growth in emerging asia in the 21 st century will probably promote the role of the renminbi. on the other hand, the still limited degree of openness in china ’ s financial markets works for now to the opposite direction. the euro ’ s international role looks set to remain relatively strong. let me underline that the ecb does not take a policy view on the global role of the euro, but we see it as a market - driven process. the euro ’ s role will essentially depend on the strength and dynamics of the euro area economy, as well as on developments in international trade. as this year, 2019, is the first centennial of his sacking from the post of austrian finance minister, it is probably appropriate to quote joseph schumpeter, one of the greatest economists of all time, who once wrote : " the condition of the monetary system of a nation is a symptom of all its conditions. " 1 1 / 3 bis central bankers'speeches what schumpeter said about a nation, goes today as well for europe and for our economic and monetary union. what happens to our money, is a reflection of the state of our union and its economy. in line with schumpeter ’ s unbeatable logic, such policies that make the euro area more robust and its growth stronger will strengthen the euro ’ s global role. the most pressing institutional reform is the completion of the banking union and creating a single capital market for investment, not least for sustainable finance. this should be supported by economic reforms in the eu member states. i also think there is a need to strengthen the external representation of the euro, as evidenced by the developments in the wake of the global financial crisis. these are, of course, issues to be solved between the european capitals, but there is a sense of urgency to make progress. 3. when posing the question “ what is new in the international monetary system? ”, we must dig deeper. during the past decade, the operating environment of central banks has changed in profound ways. the key lesson of the financial crisis is how vital financial resilience is for the real economy. financial stability, including macroprudential policy, has become the other key pillar of central banking, alongside monetary policy. the main policy implication is to develop financial regulation consistently at the global level. given