The economy was not able to absorb of the excess liquidity from oil revenues and foreign investments in productive sectors.
Secondly, this work is spearheaded by the Bank of England, the NGFS focuses on climate-related stress testing, developing reference climate policy scenarios for central banks and supervisors and giving guidance for central banks and supervisors on how to integrate climate risk analyses into macroeconomic and financial stability surveillance, seizing the macro financial impact of these risks.