##economic scenarios. based on this information, analyses are now under way to assess the sustainability of business models and identify vulnerability factors, including cost dynamics, in good time. the results of these studies will be an important basis for our discussions with intermediaries. in the same period, also in view of targeted longer - term refinancing operations reaching maturity, we asked almost all less significant banks to update their funding plans, which the ecb already systematically gathers for significant banks. on 28 june, around €150 billion of the €300 billion outstanding tltro funding was repaid. in keeping with the plans, banks almost exclusively used excess liquidity, which has recently increased thanks to bond issuance and repo funding. recourse to new central bank refinancing operations has been limited so far. 4 / 11 bis - central bankers'speeches banks should draw more heavily on these refinancing operations to cover future repayments. moreover, significant banks anticipate further issues of bonds – including retail bonds – and, to a lesser extent, an increase in customer deposits. smaller banks claim that they will rely more on the latter. the idea of increasing deposit funding clashes with expectations of a further reduction ( at the aggregate level ) in this form of funding, which is already suffering from competition with alternative forms of investment. at present, the extensive availability of assets eligible as collateral for refinancing operations ensures that funding needs can be met, albeit probably at higher costs than anticipated. non - bank intermediaries under our supervision are subject to rules that are in many cases stricter than those in force in other european countries. in addition to refining the supervisory review and evaluation process for these intermediaries as well, we regularly check the systemic importance of alternative investment funds, whose assets under management, although still limited, have doubled over the last ten years. we pay special attention to credit and real estate funds. specific supervisory measures were taken for servicers to preserve the efficiency of the secondary credit market, which has played a key role in reducing non - performing loans on banks'balance sheets through securitization operations. initial results reveal shortcomings in governance and control, as well as delays in updating recovery plans. the ongoing discussion aims to assess the adequacy of the remedial measures, also with a view to improving the quality of the information provided to the market on the performance of managed operations. some of these operations are lagging

both an opportunity and a major test for the g20 which represents 85 per cent of world gdp and 75 per cent of global trade. following the east asian financial crisis of 1997, the g20 was founded in 1999 as a forum for the finance ministers and central bank governors to discuss global issues and policy options. after the global financial crisis of 2008, g20 was upgraded to the level of heads of states / governments in 2009. in an interconnected world, national policies alone may not be fully effective when the nature of the shocks is global and persistent. 1 / 6 bis - central bankers'speeches 6. post covid, the world economy was recovering gradually on the back of large policy stimulus and rising pace of vaccination when the war in ukraine led to sharp increases in global food, energy and commodity prices. it also triggered renewed supply chain disruptions. geopolitics has now been taken over by geoeconomics. according to the imf1, the global economy is now experiencing a process of geo - economic fragmentation, operating through five key channels – trade, technology, capital flows, labour mobility and global governance. there are rising restrictions on trade and diffusion of technology, barriers to labour migration, reduced capital flows and increased uncertainty about global public goods. the interlinkage between geopolitics and economic prospects of nations has become stronger, with each influencing the other. there is now growing trend of friend - shoring and onshoring. the focus is now on ensuring food and energy security and on securing strategic minerals – lithium, rare earths, copper, zinc, chromium, graphite, etc. which are required for producing batteries, solar panels and wind turbines. 7. actually, the backlash against globalisation had started even before the pandemic struck, as globalisation created both winners and losers. the international order could not provide cooperative solutions to make the process win - win for all. this indeed is the biggest challenge for g20 as a multilateral group. globalisation must produce better and more equitable outcomes for all, including the global south. 8. of the multiple risks facing the world community, the surge in inflation has posed a complex monetary policy dilemma in every economy between raising interest rates enough to tame inflation, and at the same time minimising the growth sacrifice to avoid a hard landing. the aggressive monetary policy tightening by systemic central banks since early 2022 and the consequent appreciation of the us dollar have led to several economies,