But I would also say that the inertia a number of banks have shown so far on climate issues also serves as a clear warning to us, the supervisory authorities. It is a reminder that the soundness of the global financial system also hinges on us holding the banks accountable for the way they manage climate risk.
How then is the principle of subsidiarity to be applied to monetary union? The transfer of monetary policy from the national to the higher Community level is based on the conviction that this is in the general economic interest.