the past million years ). more recently the dasgupta review6 in the uk states how severe the risks linked to biodiversity loss are and how complex the interactions between human actions and nature are. the scientific community actually tells us that these ecological risks are interconnected and should not be addressed in silo. for example, the concept of one health developed by several international organisations suggests that human, animal and environmental health are interconnected and can only be addressed jointly. in its final declaration of the global health summit in rome ( may 21 ), president mario draghi stated : 7 “ the rome declaration rightly emphasises the importance of pursuing a one health approach ‐ and here i ’ m coming to climate ‐, to preserve human, animal and environmental safety. this is the key priority of italy ’ s g20 presidency. the scientific expert panel has stated how most infectious diseases are caused by pathogens that are derived from animals. their emergence is largely driven by deforestation, wildlife exploitation, and other human activities. effective environmental action can help to defend animal welfare and ultimately mitigate the risk of new health threats. when pursuing a common strategy to prevent future pandemics, we must uphold our commitment to limit environmental damage and tackle the climate crisis. see : https : / / www. ngfs. net / sites / default / files / media / 2020 / 09 / 03 / ngfs _ charter _ final. pdf ipbes ( 2019 ). the global assessment report on biodiversity and ecosystem services. accessible at : https : / / ipbes. net / global ‐ assessment dasgupta ( 2021 ). the economics of biodiversity : the dasgupta review. hm treasury. accessible at : https : / / www. gov. uk / government / publications / final ‐ report ‐ the ‐ economics ‐ of ‐ biodiversity ‐ the ‐ dasgupta ‐ review see : https : / / www. governo. it / node / 16923 the sustainable development goals offer a useful set of targets to achieve this overarching objective, starting with the cop26 conference, that ‐ as i think i said before ‐ we are co ‐ chairing with the united kingdom. ” as regards health aspects, i am sure that mario monti, chair of the pan european commission on health and sustainable development launched by the who ‐ europe, 8 who had already made several proposals in march 2021, will go into more depth when he takes the floor. the scientific community estimates that 60 % of known infectious diseases and

conference " the internationalisation of the euro and the creation of the eu capital markets union " - paris, 16 june 2023 the euro as a complementary asset in a more multilateral system speech by francois villeroy de galhau, governor of the banque de france page 1 sur 6 ladies and gentlemen, it is a great pleasure for me to be with you today for this conference on the internationalisation of the euro and the creation of the eu capital markets union. i would like to warmly thank the robert triffin international ( rti ) association and the european league for economic cooperation, and more particularly bernard snoy, for their invitation. i will begin by discussing the monetary policy decisions taken yesterday by the governing council ( i ), before getting to the heart of the matter of today's conference. powerful forces are pushing for greater diversification within the international monetary system ( ii ). the euro must now play its full international role, in order to assert itself as a complementary anchor towards the " creative frontier " that a truly multilateral international monetary system ( ims ) would one day represent ( iii ). i. monetary policy we decided yesterday a 25 basis point increase, in line with the slower pace adopted early may. and our future decisions will be data driven, meeting by meeting. hence nobody should rush to a premature conclusion about our calendar nor about our terminal rate, and the latest market volatility seems somewhat excessive. let me stress two elements in this direction : • we are data driven, we are not forecasts driven. and recent data show that even if we are obviously still far from the inflation target, our monetary policy is at work, and is working : inflation has peaked in the euro area, core inflation has declined for the second consecutive month, and there are several other signs that underlying price pressures are softening. according to yesterday ’ s inflation forecast, which is a rather cautious one, inflation should be at 3 % in the euro area by the end of this year, and at 2 % by 2025 : we are confident that we will deliver on our inflation target in the next two years. • we have already shown our determination on interest rates through this overall 400 basis point increase. we obviously covered most of the page 2 sur 6 ground, and we are clearly in restrictive territory on all maturities : the key issue now is the transmission of our past monetary decisions, which is proceeding forcefully to financial conditions but could take up to two years for its full