to further strengthen the culture of openness and of diversity within the bank. for i am convinced that we can benefit from different perspectives, experiences, skillsets and lifestyles. i therefore wish to promote diversity within the bank and leverage the opportunities it presents. 4 safeguarding stability throughout its history and thanks to the commitment of its staff, the bundesbank has always managed to adapt to a changing environment. this is how it has fulfilled its mandate and remained true to its core. stability is the bundesbank ’ s mission and its core. this includes stable prices, stable banks, a stable financial system and stable payments – digital payment systems as well as a reliable supply of safe cash. stability is not at odds with change and a forward - looking approach, either. you see, the economy and society have to be built on stable and reliable foundations if they are to successfully evolve. we are living in a time of profound change. digitalisation is transforming the way we live and work. the economy needs to be restructured in response to climate change. and various developments might even pick up speed due to the pandemic. all these changes also have an 2 / 5 bis central bankers'speeches impact on our tasks and how we go about fulfilling them. the bundesbank must rise to this challenge, and it will do. like my predecessors before me, now it is i who must build on the tried and tested culture of stability to find contemporary answers of my own. the bundesbank should be a modern, efficient institution that rises to the challenges that change brings and harnesses the opportunities it offers. 4. 1 price stability our primary objective is clear : to ensure price stability for the people of the euro area. inflation rates have risen steeply in the past few months, climbing to their highest levels since the beginning of monetary union. rates of up to 5 % were recorded in the euro area, and in germany even higher. this means households have significantly less money in their pockets. many people are concerned about this loss of purchasing power. it is true that the high rates are partly attributable to one - off effects that will expire automatically. but there are other reasons as well. and the medium - term outlook for prices is exceptionally uncertain. while prices might also rise by less than projected in the forecasts, right now i see more of a risk that the inflation rate could remain elevated for longer than expected at the current time. in any case, monetary policymakers

its voice heard as an advocate for a culture of stability. i can reassure them that it will. we will contribute our expertise and our convictions to the discourse with confidence. however, making a case with confidence does not mean disparaging the validity of others. i am looking forward to fruitful discussions on the ecb governing council and to working with you, christine. as a long - standing member of the market operations committee, i always enjoyed working together with colleagues from the eurosystem and benefited from a variety of views and experiences. we are all striving to achieve our common goal of safeguarding price stability for the people of the euro area. likewise, i am looking forward to working together with the other members of the bundesbank executive board as well as with my colleagues throughout the entire bundesbank : in the branches, the regional offices and at central office. and i am already looking forward to getting reacquainted with old friends as well as getting to know new faces. together, we can achieve a great deal. 5 / 5 bis central bankers'speeches