But this next step in risk management needs to be taken today. We don’t have thirty years; we don’t even have ten years. In the earth’s timescale, all we have between today and 2050 is a blink of an eye. 1 European Commission (2021) Strategy for financing the transition to a sustainable economy. 5/5  BIS central bankers' speeches
Therefore, the main immediate policy challenge is to prevent the emergence of a strong adverse feedback loop between the real economy and the financial sector. Before examining the effectiveness of the policies being pursued to address this challenge, let me briefly refer to the impact of the crisis on the economy and the financial system of the euro area.