Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Resilience Conference hosted by De Nederlandsche Bank

Amsterdam, 17 September 2025

At a time of digital and geopolitical disruptions, enhancing our financial sector’s resilience is critical to protect the stability and prosperity of our economy.

Money is ultimately a matter of trust. That trust rests on the stability of prices, the stability of the financial system and the smooth functioning of payments that keep our economies moving every day. These are at the heart of a central bank’s mandate. Trust in money depends, above all, on our ability to deliver on these tasks, thereby safeguarding the value of the currency.

History has shown this mechanism at work. In moments of crisis, people and firms have turned to their central bank for reassurance that the financial system will not collapse. Such reassurance was given in July 2012 by the then ECB President, Mario Draghi, when he famously said that,…