loans in the aftermath of the pandemic? (ii) what to expect in the regulatory treatment of climate risk and how would it impact required levels of capital and provisions? and (iii) how can capital markets help the consolidation of the euro as an international reserve currency of choice?

The report includes an executive summary that presents a critical analysis of the different contributions and once again postulates ten propositions, called the Ten Eu-ropean Lessons, for completing the Monetary Union. They constitute the main mes-sages of this Euro Yearbook 2022.

We continue to believe that it is necessary to explain Monetary Union and to raise awareness about its implications. The Euro Project is too often taken for granted, but it still needs to be better understood and improved. This is the task assumed in detail throughout this report with the goal of ensuring its sustainability.