To this end, the European Commission has recently published an Action Plan of regulatory changes to improve the single market for financial services that would certainly – when implemented – boost the integration and market-driven development of the European securities markets.
Fourth, we are guiding financial institutions to guard against climate-related risks. The PBOC has conducted climate risk stress tests on 2/3  BIS central bankers' speeches  financial institutions, and is monitoring and evaluating the green transition of financial institutions on a daily basis.