Or to put it in our common language, "Europe's financial system cannot be safeguarded without the making of creative efforts proportionate to the dangers which threaten it". Our responsibility as leaders is to inspire and support those creative efforts as we meet the challenges in front of us.
The way forward We have identified two risk categories: physical risks that relate directly to climate change, and transition risks that relate to society’s response to it. At the beginning of my talk, I asked: are we currently underestimating these risks? I think we do. There is a difference between identifying risks, monitoring risks and managing risks.