In my view, a turnaround in the  trajectory of underlying inflation – be it actual or expected with sufficient certainty –, should be a trigger for stabilising our rates.i  Page 4 sur 7 • The strength of the transmission of our policy measures, or in other words the extent to which the “plumbing” of monetary policy is effective, and fast: from what is still in the pipe, to the ultimate and concrete impact on economic activity and prices. It takes some time – usually about one or two years – for monetary decisions to take full effect. There has been some debate recently in the United States on whether this lag is shorter or longer under the current conditions: but let us acknowledge we don’t know enough on this issue, and need to dig further. Let me accordingly sum up where we are in our ECB monetary policy: we may possibly still have a little way to go on rate hikes at our next meetings, though I think it premature to decide now what we will do in May, but we have already completed most of our rate-hiking journey and the strongest economic effect ahead of us will be the pass-through of what is already in the pipe. In other words, the deferred effect of our past rate hikes will be more significant than the one of our future decisions. And it will be key to then stay the course for as long as necessary.
In my view, without pretending to be exhaustive, these global issues on which  Page 6 sur 7 interests and deliverables could converge encompass the following three “Cs”: climate, crypto-assets, cross-border payments. 1. Of course, addressing climate change comes to mind first. In the wake of the IPCC’s January Synthesis Report, it is estimated that if emissions continue at current levels, the carbon budget to have a 50% chance of limiting global warming to 1.5°C with limited overshoot would run out in around six years. The latest IPCC report is the final warning from the scientific climate community to all of us policy makers. From a financial standpoint, the collective priority is to make green finance more mature. The path is clear: better data and better standards will allow us to shift from voluntary to mandatory climate-related disclosures, and still more developed climate stress-tests and transition plans for all financial institutions. At the international level, we must ensure the convergence, or at least the interoperability of the various disclosure standards currently under development. ISSB should be the international standard, and be assured the European standard – EFRAG – will be somewhat more demanding but fully compatible. 2. Second, crypto-assets. In light of last year’s debacle, there is a broad consensus in international fora on the need to regulate them. But this consensus must now be leveraged and translated into concrete action.