Indeed, a firm that is genuinely well capitalized, including holding the G-SIB surcharge at its global consolidated level, should require only moderate adjustment efforts during the transition period established in the FBO rule. Second, there is considerable scope for a foreign bank to integrate its U.S. operations with its global activities within the rule the Federal Reserve adopted last month.
We want to be able to examine climate-related adjustment processes, with their sectoral and regional dimensions, in an international context. Esteban Rossi-Hansberg has made influential research contributions in this regard, and I'm delighted he will be giving today's keynote speech. With EMuSe, the Bundesbank has already developed a model geared towards this goal.