Persistent turbulence in financial markets weighed on those emerging economies that rely on external financing to fund their current account deficits, particularly in Central and Eastern Europe. This is of relevance for financial stability also in the euro area because of the sizeable cross-border exposures of European banks vis-à-vis new EU Member States.
Therefore, we will request financial institutions to pursue an orderly and gradual green transition, putting safety first, making energy conservation a priority, and speeding up transition after adequately considering the lifespan and depreciation of existing infrastructures. The above two issues both call for international cooperation. There is broad consensus on the green transition in Asia. Major economies are already on the move.