Latest IMF data on the currency composition of foreign exchange reserves is consistent with this pattern of interventions (Chart 4). Second, it is important to distinguish between two different causes of a decline in demand for an anchor currency. And one should not confuse the two cases.
In previous speeches, I have stressed the need for banks to put in place transition plans compatible with EU policies implementing the Paris Agreement – plans with concrete intermediate milestones to enhance banks’ long-term strategies and decision-making.