This period is short of neither crises nor challenges. At the same time, it opens new opportunities. For example, an opportunity to substantially transform the economy. To quote our honourable guest and the keynote speaker of this conference, Professor Ian Goldin, ‘COVID-19 has demonstrated the importance of the umbilical relationship between human and planetary health’.
Are there any risks to financial stability in the euro area? We at the ECB currently see four major risks. The first risk is a sudden reversal of risk premia. Recent events have shown that markets can be subject to corrections even when the macroeconomic environment continues to be supportive.