But the bigger point is that monetary policy alone can’t deliver everything we need and expecting too much from it can lead, in time, too much bigger problems. Much of the effect of monetary policy comes through the spending, borrowing and saving decisions of households. There isn’t much cause from research, or from current data, to expect a direct impact on business investment.
Together with Singapore and other countries, we have supported global climate governance, including through platforms such as the G20, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), and the International Platform on Sustainable Finance (IPSF).