The reality also is that we need the financial sector to take a leadership role in addressing this challenge – for without genuine engagement of the financial system we will go nowhere fast. José Manuel has spoken well on the EBA’s Roadmap for sustainable finance, and the good work they are doing.
In the other EU countries of the region, efforts to improve institutional quality have been more mixed in recent years. Overall, institutional quality is still below the euro area average in almost all CEE economies.19 Convergence is an ongoing process and reforms introduced over the past few years should not be rolled back.