speeches oriented, domestically driven economic model ; if we look at it that way, we have no cause for anxiety. and those countries which derive a large proportion of their value added from commodity exports are likely to benefit from the latest recovery of commodity prices, especially the significant increase in oil prices. by contrast, the united states and united kingdom recently saw a slight deceleration of growth, with us growth being curbed by the oil industry delaying investment, amongst other factors. private consumption was also on the weak side in both countries. on the other hand, the euro area got off to a good start in 2016. gross domestic product grew by a healthy 0. 6 % on the quarter. lively domestic demand, which benefited from low oil prices and the accommodative monetary policy, was a pillar of the upturn. however, another decisive factor was the surprisingly mild weather at the start of the year, which boosted, above all, the construction sector. the strong first - quarter growth should therefore not be extrapolated to the year as a whole. on aggregate, the euro - area economy ’ s growth path is still only tepid at present. the latest eurosystem staff projection has the euro - area economy growing by 1. 6 % this year, with 1. 7 % growth assumed for each of the coming two years. economic growth in germany is looking relatively similar, even though the situation – seen, for instance, in terms of capacity utilisation and labour market indicators – is significantly better than in the rest of the euro area. our country did, after all, post respectable first - quarter growth of 0. 7 %. however, even in germany, aggregate economic growth will peter out somewhat as the year progresses. bundesbank economists are expecting growth of 1. 7 % this year. owing to the difficult external environment, growth is projected to decelerate temporarily to 1. 4 % for 2017 before then climbing back up to 1. 6 % in 2018. 3. 2 monetary policy for us as central bankers, macroeconomic analysis is, of course, not an end in itself. after all, our mandate is not to steer the economy but instead to maintain price stability. economic growth, however, is one determinant of enterprises ’ capacity utilisation and their scope for raising prices. it also indicates how much leeway wage bargainers have in wage negotiations. inflation rates have been very low for some time now in many currency areas, and the euro

as of the financial system and the economy as a whole. this summer, ecb banking supervision ran a climate stress test that showed that many banks still have their work cut out for them when it comes to managing climate risks. 4 ngfs climate scenarios that stress test was based on a set of scenarios developed by the network for greening the financial system ( ngfs ). the ngfs is a network of more than 120 central banks and supervisors that aims to support sustainable transformation. the ngfs scenarios help quantify the economic impacts of different emission and policy pathways. the most recent update considered physical risks for the first time and took an improved look at regional and sectoral factors. the ngfs is continuing to upgrade the scenarios and their practical usability a€ “ also with a view to transition plans. the ngfs is working out how transition plans relate to supervisors'roles and mandates and how they could become part of the supervisory toolkit. 5 conclusion many aspects of transition plans are still up for discussion. the same is true for the role of supervisors when it comes to checking these plans. events like this are good opportunities to consider such fundamental questions. so let us discuss ways forward and find common ground internationally. the goal is clear : to define ambitions and to turn these ambitions into actions. 2 / 2 bis - central bankers'speeches