And the years to come will probably see them persist at above pre-war levels here in Germany. Partly as a probable knock-on effect of decarbonisation, because the price of carbon is likely to rise. And investment will have to be made in order to become climate neutral by 2045. The third challenge is demographic change. The German population is shrinking and getting older overall.
I do thank the SWF Forum for this opportunity to share my thoughts on the current challenges of the sovereign debt crisis in Europe. Montreux seems to be the perfect setting for a central banker to speak. Is there a better symbol for stability and long-term nature than the surrounding Alps?