Real GDP has grown in 16 of 17 quarters, and the level of real GDP in the third quarter of 2013 was 5–1/2 percent above its pre-recession peak. The unemployment rate has fallen from 10 percent in the fall of 2009 to 7 percent recently. Industrial production and equipment investment have matched or exceeded pre-recession peaks.
In other words, bringing climate change more fundamentally into our analysis and strategy is not “mission creep”: climate change is also a price stability risk. The second area where we can already make progress is on properly reflecting climate risks. 3/5  BIS central bankers' speeches  There’s a growing awareness today that banks and financial institutions are exposed to material climate risks.