 Good morning and welcome to everyone joining us today for this event with the chair of the European Central Bank Supervisory Board Andrea Enria. Good morning Andrea. It's a pleasure to have you here with us. Good morning Georgina. My pleasure It is an honor for us to be taking part one more year to the European youth event in partnership with our colleagues from the European Parliament to talk about a topic that might not come as a given to most of you, which is why does banking supervision matter for your daily lives and also for your future plans? So I would like to encourage all of you to join today's discussion by sending us your questions. These kind of initiatives are very important for us at the European Central Bank because they are a very good opportunity to engage with young people like you to get to know you better and even more importantly understand how can we be of better help to you. So please send us your questions during today's event to do that all you have to do is log into slido.com type in the code hashtag ask ECB and then type your question and send it to us However, please keep in mind that the questions will be moderated so that we can ensure that we have as many different topics as possible to pose our questions to Mr. Enria today And this is also the reason why it might take some time until you see the question popping up on your screen Right after you've sent it. Of course as soon as you start seeing other people's questions I invite you to vote for the ones that you find the most interesting And now without further ado, let me properly welcome our speaker today. Andrea. Good morning. I am very excited to have you here today Thank you very much Georgina. I'm very glad to be to be with you and And I'm happy to welcome all the people joining online from Strasbourg and across all of Europe I must say I'm particularly glad to see how many young Europeans are interested in the rather arcane subject of banking supervision And I remember when I was a young economist just hired by the Bank of Italy My major objective was to get a job in the research department dealing with the big questions of Inflation growth Interest rate fiscal policy So when I was assigned to banking supervision and most specifically to department that was called programs and authorizations I was I must say really disappointed. I thought that these all sounded very bureaucratic boring And I couldn't be more wrong. I must say that since the very first day I I became very passionate about this job and as it is for most of the people for most of my colleagues in the same line of business and and It is an extremely challenging job where you learn everything new Every day I would say even at my old age 35 years in the in the profession And I hope here today that I can instill some of these, you know, interesting the job in Many of you so that some could maybe choose To develop their career in in financial supervision as we do need bright young people helping us out But this meeting is important to me also for another reason more more profound maybe And it is that your generation and the one immediately before you Have been hit particularly hard by the triple whammy of the great financial crisis in 2009 The sovereign debt crisis in the euro area in 2012 and then the the the pandemic the kovat 19 crisis in 20 in 20 in 2020 the labor market has been very Very difficult for young europeans. I see My daughters they are friends and I see Young europeans with outstanding CVs having done Postgraduate studies make more than more than one degree in Often in countries different from their own home country having done Outstanding very selective internship programs around europe maybe around the world sometimes and this not with standing sometimes is so difficult to find a formative well-paid job This this stage and So it is first and foremost with the prospect of your generation in mind that I would like to Look at the role that Banks and by reflection banking supervision and have played and could play Through these these these crisis. So what happened if you look at the great financial crisis You have a a tale of bankers excesses so excessive risk taking excessive complexity so financial innovation that was mainly used to To to to push up short-term profits irrespective of the long-term risks that were taken and An excessive leverage so too little capital to shelter the losses when these risk materialized and And the outcome was that unfortunately there was a need for massive support financial support from governments when the crisis materialized to bail out Banks and avoid meltdown in the financial sector and protect the savings of households and Ensure continued financing of of but this came to a A great a great cost and to avoid that these Happens again, of course, it was very important to engage at the global level as we did with a massive program of regulatory reforms and strengthening of supervision And it is important that we preserve this is something this is a hard one Result and we need to preserve it and sometimes I see lobbying from banks to deregulate to go back to some of the Old practices and I think we should be very careful in that in that space The the sovereign debt crisis is is instead is peculiar of the euro area and it highlighted some severe weaknesses of the construction of the monetary union and It showed in particular the strong connection between banks and their sovereign So we were in a monetary union But each bank in each country was strongly linked to the sovereign in that country and it happened through Different mechanisms sometimes the connection ran in in different directions So we had for instance that the impact of the great financial crisis on the Irish banks Was so huge that he created the major problem also for the for the public budget. So for continuing, you know Social expenditures And the like and the government had to ask for support from the From the european from the european union from the european financial stability fund In in Greece the the link ran the opposite direction. So it was the public finances that went into troubles with a widening of spreads with a severe risk perceived in the greek bonds and these Uh Contagion of the banks that went into troubles and and created a lot of concerns for again households firms and the economy at large um, and what is important to understand is that at that moment there was uh The integrity of the monetary union was at stake because uh, there was the perception that one euro deposited in a bank Uh in a country under stress was not of the same value Of a euro deposited in a bank uh in a country which was not uh under under stress And this implied that the policy started flowing from the former to the latter And this has been very destabilizing and and really putting the the whole integrity of the euro area at stake And it is only thanks to the bold measures that the ecb took at the time and the decision eventually of Of the the european council the parliament to centralize Banking supervision and banking resolution creating the banking union that the problem was dealt with effectively Also, thanks to these The response to these two crises so to the financial reforms the financial regulation reforms and to the establishment of the banking union Banks came to the appointment with the third shock with the pandemic shock much stronger And that was very important because banks in our system, especially in europe more than in other in our countries such as the us Are key in the financing of all type of firms from the small shop to the to the very large corporate large airline company for instance And so having you know these The banks continue to support the economy in front of the shock was of paramount importance Especially when the governments took the decisions to put our uh economies in lockdown basically our Not our economy our society in lockdown these of course impaired not only the ability of Borrowers to pay their debt to banks but also it created a huge Necessity to continue financing know these these these Companies and households also throughout throughout the pandemic where maybe their income was not was not there anymore And and I think that thanks to the massive support measures that have been deployed by government But also thanks to the attitude of banks that manage to you know continue supporting their customers also Throughout difficult periods that we have been able to overcome at least the first phase of this difficult crisis for banks It was very difficult because of course when you have a moment in which you have measures such as Payment holidays for instance. It's very difficult for a bank to distinguish a risky customer from no risky ones. So so the These at the ecb banking supervision We try to support this process. So for the first time we gave a very prompt unified european answer with policies that Were aimed at creating space for the banks to really support the economy So giving them some breathing space also from the supervisor regulatory point of view But also on the other hand being very tight on the Assessment of risk because what you don't want in a crisis like that is that banks become lax And then your build-up of risk that then materializes in a crisis at a later At a later stage. So I think that was very very important And now let's say if I look at what is keeping busy right now Of course, we don't have only the firefighting task in crisis. It's also trying to To prevent future crisis and if you look at the structural changes we are grappling with right now as as a european society Transformation of our economies Towards a low carbon economy and the green and climate issues Are becoming of paramount importance. So how does banking supervision fit into this picture? Of course banks will play a major role in financing this transformation of our economy And in doing so it is important that they are very alert to the Risks of of this transformation, especially climate risk, you know So both the physical risk or the risk that there will be more frequent Uh Floods or wildfires that will affect, you know destroy houses and and and livelihoods of our citizens But also transition risk. So there is that the transition to a low carbon economy could be particularly bumpy Maybe because the governments do not react Fast enough and then they have to steepen up their Response at a later at a later stage disrupting also the price mechanisms and the the balance between sectors. So By pushing banks to consider these risks we force them to think long term to think also to these long term risks and to Make this themselves better in supporting exactly these these much needed Transition, uh, so they will serve better Themselves their balance sheet They will serve better their customers in the euro area and the whole planet as a as a result So I Georgina, I hope you I was able to cover a little bit of examples of the Things we are grappling with why banking supervision has been so important also for uh, young young europeans and I hope I gave you also a flavor of our Challenging and interesting these jobbies, but I I do really look forward to the questions and to the interaction with with the whole audience to to uh respond your questions and maybe also touch on some Features of our daily jobs and see whether any of of the young connected today Can can be attracted by this type of job. Thank you. Yes. Thank you, Andrea for these very insightful remarks And I am very sure that if we have any aspiring supervisors in the room I think they were a very Motivational boost. So that's really good. And I mean, let's just jump straight into it. Let's start to Our q&a session, but I would actually like to begin the other way around I would like that for starters. We ask you questions that you will answer for us So I'd like to invite all of you to please go to our slido event and answer a couple of questions that we prepared for you To get to know you better and see a little bit. Uh, where are we standing for today's event? And I'm going to give you a couple of minutes for you to do that and in the meantime I'd like to use this opportunity to ask um, Andrea today a question that I'm personally quite curious about You mentioned Andrea that at the beginning banking supervision didn't came to you as a let's say a passion from the start It's something that increased later. And I'm wondering what would you say right now? It's the your favorite part of your job What do you like the most of it? Well, I don't know whether I will do a favor to the job of supervision, but let's say what What really attracts me to my job right now Is really the european dimension. So the fact that you know You do connect with Very diverse problems In the in the in the in the banking union across across our area And you have every day, you know a different challenge and it's so Uh, varied so, uh You know stimulating But especially you always have on the back of your mind that you are serving the interest of european citizens And that's I think in terms of motivation That's something that no other job can give you I think Thank you. That was quite inspirational Um, let's have a look at our audience. Let's see if we've given them sufficient time to answer I think so we have here in front of us a screen where we can see the results and also the the questions that you submit And it's very interesting to see that most of you Are are willing to learn and improve your knowledge in banking supervision And I think that's a great starting point for today's event And if I look at the next question you answered for us I can see that most of you agree that we need healthy banks to have a healthy economy I'm sure we will be talking more about this in today's event So now yes without further ado. Are you ready? Andrea? Shall we start? Shoot Then, uh, let's go for it. And our first question is from maria. Who wonders During the pandemic banks have increased their leverage significantly. How do you ensure that banks continue fit for purpose? Uh, well, um As a matter of fact banks themselves have not increased their leverage Especially if you look at the risk-based measures of leverage banks have improved their capitalizations So they have raised their their capital compared to the overall balance sheet the size of their balance sheet but uh, but I think that The question is right in the sense that there has been a huge increase in the leverage in the economies at large And uh, this is increasingly financed by Non-bank financial institutions, but these non-bank financial institutions to a large extent take their funds from banks so, um This is making my job more difficult the job of supervisors more difficult because It's not sufficient to look in the bank's balance sheets, but it's important to understand how The contagion could run through a non-bank financial sector, which is In most cases not regulated or very lightly regulated So you don't have a lot of visibility on this risk or now they we had recently, you know in Before the summer these case of a small u.s. Family office, you know archegos was called that went bust Creating more than 10 billions of losses to the largest global banks indirectly, you know He so where you expect the the risk management to be at the top level No, so that's that's really what concerns me and what That you have indeed a massive increase in leveraging the economy And especially when we are going to exit from these extraordinary low interest rate environment I mean it might be Difficult and and these non-bank financial institutions and the indirect risk on banks are very very delicate. I think Thank you Our next question which received quite a number of votes. So it seems many of you are interested Martin asked it and it says is open banking the future of banks in general? And is that the right path to open finance? Look open banking has been Now sometimes let's try to clarify technology at least as I understand it. No, there has been a A strong pressure from policymakers at the european level especially in the payments area to Enable more competition. So to enable more non-bank payment providers such as paypal clarna and like to access directly the bank accounts your bank account and to Initiate your payment so that you can realize on other smart operators technological Companies to get a better service And that was important because banks were charging very high fees in this area There was little competition and consumers were not served well enough I remember especially at the european level to move funds from one Member state to another I mean it was really a pain both in terms of the time you needed and the fees that you are supposed to pay so, I think that Opening the banks accounts and enabling more competition in in that area has been indeed a most important Development and very much welcome Now What does this mean and what does the technological developments mean for Banks in general and banks in services in general. This is a question to which I think if anybody tells you that He or she has an answer is lying I think it's very difficult now to understand My impression is that at the moment these Opening also through technologies of financial services is affecting some segments in which indeed the banks were excessively charging excessive fees or consumer finance payments in other areas. So like financing, you know The green transformation Projects and the like I think banks especially in Europe still have an important An important advantage But I think that they need to invest in digitalization as well because otherwise. Yes, it is possible that they will find themselves In in in in extinction mode. I remember there was an article by Bill Gates actually in the late 90s saying About dinosaur banking Defining brick and mortar banking as dinosaur banking. I don't think he's right. It was right then and we are now seeing that Brick and mortar branch banking is probably Going to extinction, but this doesn't mean that banks Necessarily will go to extinction as well. They need to react. Yeah, indeed. I guess progress never comes without challenges, right? um Our next question. I think many of our participants today are wondering about this Alex asks asks you As a young european, why is banking supervision important to You know again the the the the the issue is that banking Are an important technology in a sense that we invented some time ago to make sure that you can give to the To the savers The safety on their funds on the fact that their funds are safe Depositors in particular And at the same time finance More in liquid more risky projects that are important to you know to push growth in our economies To do that banks are traditionally highly leveraged institutions So if they go bust Then you have a a double whammy on both sides of the balance sheets on the one hand. You have the problem for your savings That are in the bank and many people panic that you remember in the some of you maybe No, some maybe you are you are too young to remember, but uh Even nor the rock in 2008. I think it was seven eight You had queues of people with wheelchairs in front of the banks because they were concerned they were unable to move their deposits from the bank Online and they were queuing the night In front of the banks to get their savings back and on the asset side because of course when the operation of the banks is disrupted I mean firms that need you know The liquidity to run their their their operations every day can get into into into great trouble. So Is there a peculiarity for you being young in that? Well, maybe uh being young you don't have a huge stack of savings yet I hope you will make a good one going forward But still I think that you as I mentioned before I mean you're seen on your on your experience That if banks entering to difficulties then the economy Goes uh to the to the floor and this is bad for employment. It's bad for growth And it's bad, especially for the youth unemployment. We have seen the youth unemployment skyrocketing compared to the General unemployment figures. So I think that's the most important point. Yeah, thank you. Andrea. I I couldn't agree more Um our next questions goes back to the topic. We were mentioning earlier about banks health Um massimo asks when it comes to a healthy bank, is it in terms of stability or also profitability? There is a trade-off between the two components post pandemic and what scenario will accompany banks in your view Look profitability. I mean, I don't see these trade-off between profitability and stability so A sound bank Needs to be able to make profits to attract investors And if it has also some troubles needs to have, you know, the ability to tell investors I will make profits in the future and remunerate your investment. So that's important for the also for the stability of Of the bank, of course, there there could be a trade-off In certain circumstances When the banks start Becoming more fragile Then they can start taking uh bets in the markets a strategy that sometimes is called gamble for resurrection No, so you're starting getting weak and then you say, okay, I'll invest in riskier Areas so that if the gamble works I get the money and I restore my viability And usually these strategies all and wrong, which is one of the reasons why Our job is important because when you see a bank becoming weak, you need to intensify the monitoring On their on their risk taking so there isn't this this trade-off I think that post pandemic We do also have a structural challenge to push banks to invest more in digitalization to be able to serve better their customers And to become more profitable also and more viable in the in the longer term If the banks miss the train of Digitalization and climate change. I think that they they they will be in trouble I'm sure we will get more questions on that topic later on But now the next one is um quite personal Alexandra wants to know what words could you um, what words of advice could you give to your younger self? well I mean investing yourself really, I think that the most important thing is is investing in in learning Whenever you choose a path in your professional development Try to choose the path that Increases the most your I mean the economists call it human capital. No, sometimes I thought this was a bit You know A bit cold, no talking about capital when you talk about people, but it is it is a good I mean, it is your wealth actually, you know, how much in you you learn I mean the the the anglosaxons generally tend to say that there is a sequence in your professional development know learn Learn serve no and so first you you learn Then you start making some money And then and then when you have enough money you start serving the community in a in a more direct way Now for those who do my job Maybe you don't learn that much that you could do in the in the in the private sector But you have the benefit of serving from the very beginning so of feeling this This sense of service from the very beginning, but I think that the learned part Especially in the first part of your career is the most important. So if you have to choose a job Yeah, look at the pace leap, but look especially at The if you have people there that can teach you they can pass to you knowledge That can really make you grow. I think that's the most important thing Yeah, I agree and and I could imagine now some of our viewers nodding at the screen while you while you say this Our next question reading it. I just realized we've been talking a lot about banks health But actually we haven't decided we haven't defined what what is what are healthy banks and this is mashas Next question She's wondering what are healthy banks and how can she know as a consumer if her bank is a healthy one Well There are many ingredients of what defines a healthy bank. I think One thing that I learned throughout my career is that one key ingredient is governance No, so and this honestly is not true only for banks. It's true for any organization including our So if you have you know processes that select The members of the board the managers People that have the right moral compass that have There are diverse also diverse not only in terms of gender maybe race, but also diverse in terms of skills of Knowledge so that you can have a good You know mix a mix of people in the in the in the top in the top management is especially Having good challenge in within organization when you have the thing that I learned the most is that when you have a bank Which is dominated By a very strong personality That nobody There's to challenge That's a bank that can do huge profits for a certain people of time and then generally crashes against the world So governance is a key is a key element Of course in terms of financial a well-capitalized bank is a is a more solid bank and and The on the asset side what we look at is the asset quality. So how much Loans are non performing which is a signal that the bank has been granted loans to customers that did not warrant to be to be those those those loans and and So these these are the main ingredients, but the second part of the question is the most important maybe Having supervision to some extent is done exactly in order not to have customers Bothering about About the quality of the bank If you invest in a bond if you invest in shares you need to read the prospectors and understand which Let's say which investments you are making. So what is the quality of the issuer? And you have to take a responsibility if things go wrong. It's your responsibility. You take the loss When you put your deposit at the bank In most cases you choose the bank that is close to your home or close to your office Uh, maybe the one which has the best up to to access the services But you shouldn't really Be requested to understand whether this bank is sold or not. That's delegated to us So we act on your behalf in that respect, which is what makes our job also you know Carrying a big weight of responsibility to some extent, but but that's that's that's how I see it Yeah, and I think that's also a very good example that explains to young people another reason why they should actually Care about banking supervision as well Our next question from alex Based on the challenging labor market situation. How can you still distinguish yourself in order to enter into the financial sector? Well, the the financial sector, I don't know. I tell you how it should be I'm not sure especially if you look at the private sector. This is indeed the case, but I think that there was a moment in in In the 2000s in the early 2000s in which The greatest asset to enter a well-paid job in the financial sector Uh was for instance to be a quant to have a high skills in modeling I remember there was a huge wave of people graduated in physics that entered the financial the financial industry and that was important because not only because Models were becoming the Uh also recognized by regulators were becoming the the key yardstick to assess risk, but also because uh, you know Banks were engineering more and more complex products and that would require a lot of skills in terms of modeling the features of these products Uh, I hope that this age of complexity and although let's say of course quants are very welcome in the industry and And it is a very important skill set to access finance today. I think that now There should be a search for a A wider set of competencies and I think that if I had to say The skills, I mean again, it's in my view you need a broad understanding of Uh, you know economic concept, but you need also to be able to read some regulations Because it's a highly regulated environment. So you need to develop also these these type of skills and And especially, uh, I think that you will need more and more knowledge on New technologies. I mean this is becoming A An asset which is in high demand Uh In in in the banking in the banking industry, but again, I would strongly argue that the necessary ingredient is also Your your values. So, uh, There was an a book, uh, I can't remember the name of the author. I'm afraid my memory, uh, but, uh, during the great depression that drove also the reforms in the in the In the u.s. Uh, uh, regulation, uh by any Very renowned judge, you know that has seen really the The crisis in the banking sector and, um, It was in the heading of the book is other people's money. So banks play with other people's money So they need to carry the responsibility of that and they need to have strong values to do this job properly Thank you. Our next question touches upon, um, a topic that you mentioned also before, which is climate change Marie is asking how are banks affected by climate change and how can they contribute to accelerate the green transition? Well, banks are affected very directly by climate change. Of course, I mean, we've seen these Some are also Flight flooding wildfires. I mean these events, uh, destroy houses properties You know firms so and and these are counterparts of banks. So if you had accepted these, uh, Building as a collateral, of course, you you as a bank have lost your money and and And as I mentioned before Besides the physical risk that is also the transitional risk that in my view Is maybe less immediate But is a risk that I think is very relevant. So there is that, uh, you know, because of the difficulty of Doing the right thing from the political point of view in supporting the green transition Uh politicians that need to be reelected will be under great pressure by their voters You know not to take choices that might damage maybe Some companies or or destroy some works or some job opportunities in some areas because and because of that they could be late in really, uh Driving the the transition and then it could be as these Processes tend to be non-linear You can come to a point where you need to accelerate very fast The repair measures the policy measures and these could be very disruptive also in terms of Some sectors being requested not to smoothly move to a low-carbon Economy to a low-carbon processes, but to really get out of the market From one day to the other. So that's the second big risk And of course if banks are heavily exposed to these sectors, they will pay a big price Um, so the the the the key point for us is that banks manage these risks Proactively now so they cannot wait. Sometimes I hear people saying, you know, if you look at the average duration of a bank portfolio three to five years, you know, so Three to five years not much will happen. So why should banks move now, no? And and and this is my opinion, maybe I think that uh, Exactly because these changes are going to happen Maybe 10 20 years from now you need to act now To avoid that this is so disruptive not only on the banks, but also on the on the community at large So they need to actively manage these risks try to get the information information is the first point We are running a climate stress test next year And the banks were complaining because we are asking data. They don't have they say for instance We are asking the energy performance certificate of the building that they have Accepted as collateral and they say we don't have this information And our response is okay We can do proxies and estimate but you need to have this information because this information is relevant in the Netherlands already The government the parliament has passed a law that if you have for instance asbestos in your buildings I mean the building Cannot be used anymore as office or residence from a certain date on so if you have asbestos in the offices In that building the collateral value goes to zero. You lose all the money tomorrow So there could be policies that have big impact and banks need to get this information Right now. So, uh, that's that's an important point. We keep pushing the banks and I must say that they have been Candid in admitting that they are quite far away from where we want them to be But also responsive in the sense that they understand that they need to move and to move fast Absolutely. Definitely climate change is on top of our challenges but not the only one and Christian is asking precisely about another one of this which is the pandemic in your view, Andrea What are the key challenges for european banks beyond the pandemic? but if you if you look at beyond the pandemic so when the pandemic and its effects and are done and over I think again digitalization and climate change are the two main challenges But we do have some way to get there still. No, so the pandemic is still with us And I've seen, you know different phases in our way of Thinking to the impact of the pandemic so the the first phase was basically You know Very concerned that there would have been a Genuine systemic stability impact so that there could be so many corporates defaulting so many households unable to pay their their debt that You could have a massive stability problem in the european banking sector um Now the pendulum and that was with hindsight was probably an excessive concern because there has been so much support from governments and from monetary policy by the way To the economy that these risk has not materialized as as deeply as we expected corporate insolvencies Have started increasing a tiny bit, but they're still below the pre-pandemic level Still Uh now the pendulum is switching a little bit to swinging a little bit too much in the other direction So I see banks, but also the general I mean economies starting developing an excessively rosy Expectations so the problem is gone Asset quality problems will not materialize and and we are now In a rebound in a faster rebound of our economy. Everything will be well Uh, I think that uh, uh, although there is going to be a rebound in our economy strong rebound in our economy It might be uneven across sectors across firms, uh For instance, uh, take, uh, commercial real estate Will we have the same price for office space going forward if if eventually We'll have much more reliance on remote working as we have seen during the pandemic So, uh airlines Will we have people traveling by plane as much as they did before the the pandemic will be also the Environmental footprint of certain of certain Sectors of firms be a An important element in understanding who comes back after the pandemic and who does not come back after the pandemic So it can still be that we have, you know Uh problems that materialize from now until the exit Uh, and and I think that that's why we are encouraging banks to be very Very focused on effective Risk controls because that's the key element to to avoid big damages Going back to, um Challenges Uh, Emma asks how do you imagine that banking supervision will change and adapt in response to the introduction of a digital euro And also with the increasing popularity of cryptocurrencies unstable coins Ah, can go to the next question No, that's that's that's a question on which, uh, I'm to be honest. I'm thinking a lot I don't have yet a lot of a lot of answers. Um I think that behind, uh, let's say All these innovations, uh, there are important technological shifts. There are important innovations such as, uh distributed ledger Technology and the like that can really make a change in a number of areas And uh, uh, sometimes I see that the gut reaction of policy makers is We need to regulate we need to and uh, and uh, and I think it's very difficult No, because on the one hand you don't want to jump the gun and start, uh, you know Killing all innovations in your in your jurisdiction By submitting, uh, you know new startups that develop new products in And requiring high compliance costs On the other hand, of course, there are risks. We have seen already especially in the in the in the crypto asset space Uh People losing money, you know, some of these, uh Exchanges are failing from one day to the other and there is a very legitimate concern also that, uh The anonymity that is one of the key features of these of these technologies Could provide a very easy channel for, uh Criminals that want to lower the money that they made in in in illegal ways So, uh, it's a it's a difficult it's a difficult question. Um, how to, uh, how to take all these private initiatives With these private initiatives, uh, in a in an effective way, uh, I understand that for instance in the us They are thinking about attracting these these Uh, uh firms, um under, uh, sort of bank like regulation And i'm still scratching my head because I think the bank regulation is actually tailored to other type of issues Not looking at the risks in the asset side. Well, for these companies, it's more probably As I said anti-money laundering governance and and operational resilience so that they could continue providing their services through time Digital euro is is is a is a very important project. I think the central banks are right in, uh, Moving in a territory that, uh, enables also citizens to benefit from these from these, um These innovations there is of course a concern on the impact these could have on banks, uh, especially if you think a moment in which there is A perceived risk of a crisis, for instance, no, if everybody could move from a commercial bank deposit to, uh The digital euro at the central bank, of course, you would see everybody shifting their their savings there and by By construction these would make the banks even weaker in a situation of an impending crisis. So we need to think about Mechanisms to have a proper interaction between commercial bank money and and the digital euro And these will be I think a cb is already announced will be a key area for Thinking in the in the development of the project, but it is a very Very difficult area and because it puts really Very fundamental questions of why do we regulate financial firms and how far should we go in the regulation of financial Yeah, definitely a topic to keep a close eye on And since it seems we are running out of time I am going to ask now the last question of today's session which comes from elena She asks what are the opportunities for young people to gain professional experience at the ecb Oh, I mean we are very first of all, let me say with some pride that, uh ECB banking supervision is a very young organization. So the fact that we were we are still I still think that we are a startup We are doing a transition to a more mature organization right now, but we are still a very young institution. We were set up in 2014 basically, so it's really very very very young and Uh, we hired the recent lease which means that also in comparison to our colleagues on the central banking side. We have a An average age which is which is lower And I think that exactly because of the structural challenges that we have ahead of us. So, um Green digital very young blood coming in the organization is is very very welcome. We have a traineeship program, which is a very important channel for Getting to know ecb banking supervision working with us and I can tell you that our Managers are very keen to give also quite delicate tasks to be young young trainees and We do have also, you know graduate programs and and and Really, I would invite all of you to you know browse what interested of course to browse our website and And keep abreast of our of our initiatives. We really need young motivated Professionals to to to join us Yeah, absolutely having been an ecb trainee myself I couldn't agree more and I absolutely encourage all of you to keep an eye on our vacancies and That concludes our q&a session for today. That's the end of our event and I would like to of course, thank you all of you For your participation. I hope that you enjoyed this session as much as we did Please let us know by answering a very short feedback survey that we prepared for you on slido So that we can't collect your feedback, which is very important to us And obviously we cannot end without properly thanking mr. Andria for joining us today I hope that you also enjoyed the session Andrea. I enjoyed very much I'm sorry that we didn't manage to cover all the questions, but I really enjoyed it and thank you very much Regina for hosting this Thank you. It was great having you here and before closing I would really like to encourage all of you to stay connected with us at dcb with what we do Follow us on social media. And if you are interested Have a look as well have a look as well at our website where you will find plenty of Explainers about what we do but also about more specific initiatives that we implemented in extraordinary Circumstances as Andrea mentioned earlier like the coronavirus pandemic And please keep in mind this is not the only initiative that we organized for young Europeans like you We also offer competitions scholarships to find master's studies Which I encourage all of you to keep an eye on on our website Thank you once again to all of you for sharing this Saturday morning with us I hope that you enjoy the rest of your weekend